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As on : 04-Nov-2026
Corporate News
04-Nov-2026      22:07

Max Estates allocated Rs 150 crore, facing scrutiny over fund routing via a subsidiary

Max Estates Limited has utilized Rs 150 crore raised through a recent preferential issue, allocating Rs 37.50 crore to land acquisition, Rs 63.457 crore to project deployment, and Rs 34.803 crore to general corporate purposes, leaving Rs 5.22 crore in money market mutual funds like the Tata Liquid Fund and Aditya Birla Sun Life Liquid Fund. A Monitoring Agency report, however, has flagged procedural concerns, primarily the commingling of funds due to routing proceeds through a subsidiary, Max Estates Noida Private Limited. While the company’s board authorized the investment of unutilized funds, the report noted an 87-day delay in land acquisition and raised questions about the classification of certain expenses as general corporate purposes. The company is expected to address these concerns to maintain transparency and investor confidence.

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