Max Financial Services Limited — Major Shareholding Notification 2021

Oct 1, 2021

MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED

Registered Office: Max House, 1, Dr. Jha Marg, Okhla, New Delhi - 110 020 Phone: +91 11 4259 8000 Fax: +91 11 4060 0098 CIN: U74899DL1988PTC030778 Email Id: secretarial@maxventures.co.in

October 01, 2021

Listing Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400021

Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East) Mumbai - 400051

The Secretary Max Financial Services Limited Railmajra, Tehsil Balachaur, Distt. Nawanshahr Punjab - 144533

Dear Sir / Madam,

SUB. DISCLOSURE UNDER REGULATION 31(1) AND 31(2) OF SEBI (SAST) REGULATIONS, 2011

Please find enclosed disclosures in terms of Regulation 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.

Also find enclosed Annexure $II$ $in$ terms of SEBI Circular No. SEBI/HO/CFD/DCR1/CIR/P/2019/90 dated August 7, 2019.

You are requested to take note of the above.

Thanking you.

Yours faithfully, For Max Ventures Investment Holdings Pvt. Ltd.

prax

Arvind Aggarwal (Director)

Encl. as above

Names of the Stock Exchanges where the shares of the target company are listed Date of reporting								Max Financial Services Ltd
								BSE Ltd. & National Stock Exchange of India Ltd
Name of the promoter or PAC on whose shares encumbrance has been created								October 01, 2021
Details of the creation of encumbrances					released	invoked		Max Ventures Investment Holdings Private Limited
PACs with him promoter(s) or Name of the $\binom{1}{k}$		Promoter holding in target company (1) the	Promoter holding encumbered (2) already					Details of events pertaining to encumbrance (3)				Post event holding of encumbered shares $[$ creation $[$ $(2)+$ $(3)]$ release $[2]$ - $(3)]$
	Number	capital share $\frac{1}{2}$ O $\frac{1}{2}$ total	Number	$%$ of total capital share	Invocation) (creation Type of Release event	encumbrance $\mbox{creation/}$ invocation release of Date of	Undertakings $\begin{array}{c} \textrm{Type of}\ \textrm{encumbrane} \end{array}$ lisen/non disposal $(\rm pledge/$	encumbrance* Reasons for	Number	capital share $^{9/6}$ of	Name of the entity in whose favour encumbered*** shares	$invocation[(1)-(3)]$ Number	$\%$ of total capital share
Holdings Pvt. Ltd Max Ventures Investment	50380920	14.60%	27442689	7.96%	Creation of Pledge on Shares	29.09.2021	Creation of Pledge on /others) Shares	Security for Loan	80000	0.02%	STCI Finance Ltd. Lender:	27522689	7.98%
											Trustee: N.A.
			27522689	7.98%	Creation of Pledge on Shares	30.09.2021	Creation of Pledge on Shares	Security for Loan	1250000	$0.36\%$	Axis Finance Ltd Lender:	28772689	8.34%
											Catalyst Trusteeship Ltd Trustee:
			28772689	8.34%	Creation of Pledge on Shares	.09.2021 30	Creation of Pledge on Shares	Security for Loan	30000	$0.01\%$	STCI Finance Ltd. Lender:	28802689	8.35%
											Trustee: N.A.
			28802689	8.35%	Creation of Pledge on Shares	.10.2021 $\overline{0}$	Creation of Pledge on Shares	Security for Loan	100000	$0.03\%$	Finance Tata Services Ltd and Capital Capital Financial Housing Lender: Limited Tata	28902689	8.38%
											Trustee: Catalyst Trusteeship Ltd
			28902689	8.38%	Creation of Pledge on Shares	.10.2021 $\overline{0}$	Creation of Pledge on Shares	Security for Loan	530000	$0.15\%$	Aditya Finance Lender: Birla Ltd.	29432689	8.53%
											Trustee: N.A

8.54%		8.55%
29453689		29504689
Hero Fincorp Ltd. Lender:	Trustee: N.A.	Hero Fincorp Ltd. Lender:	Trustee: N.A.
$0.01\%$		$0.01\%$
21000		51000
Security for Loan		Security for Loan
Creation of Pledge on Shares		Creation of Pledge on Shares
01.10.2021		01.10.2021
Creation of Pledge on Shares		Creation of Pledge on Shares
8.53%		8.54%		Nil	Z	Z	ΣÏ
29432689		29453689		Z	ΣÏ	Z	Ξ
				$0.03\%$	$0.03\%$	0.03%	0.03%
				110000	100000	110333	100000
				Mr. Analjit Singh	Mrs. Neelu	Analjit Singh Ms. Piya Singh	Mrs. Tara Singh Vachani

For MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED

Franc

ARVIND AGGARWAL
DIRECTOR

Place: Noida
Date: October 01, 2021

• * The names of all the Promoters, their shareholding in the target company and their pledged shareholding as on the reporting date should appear in the table irrespective of whether they are reporting on the date of event

Name of the Promoter(s) / PACs whose shares have been encumbered

S. NO. NAME		NO. OF SHARES	$\frac{0}{2}$
	IANALJIT SINGH	1,10,000	0.03
	NEELU ANALJIT SINGH	1,00,000	0.03
	PIYA SINGH	1,10,333	0.03
	TARA SINGH VACHANI	1.00.000	0.03
	MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED	5,03,80,920	14.60
	TOTAL	5,08,01,253	14.72

$\sim$

Annexure - II

Format for disclosure of reasons for encumbrance

(In addition to Annexure - I prescribed by way of circular dated August 05, 2015)

Max Financial Services Ltd
BSE Ltd. & National Stock Exchange of India Ltd.
Name of the promoter(s) / PACs whose shares have been Refer Annexure - IIA
No. of shares $-5,08,01,253$
% of total share capital - 14.72%
a) Pledge of Shares - 58.08%
b) Covenant with certain lenders to keep shares
free from any encumbrance through Free Share
obligation / non-disposal undertakings
YES
Whether encumbered share is 20% or more of total share NO

$\mathcal{L}$

$\lambda$

	Details of all existing events / agreements pertaining to encumberance	Encumbrance	Encumbrance 2	Encumbrance 3	Encumbrance 4	Encumbrance 5
	Jate of creation of encumbrance / date of agreement	27.08.2019		07.09.2020			Encumbrance 6	Encumbrance 7
	ype of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant,	Pledge	27.08.2020		29.10.2020	29.10.2020	27.01.2021	02.02.2021
	ransaction, condition or arrangement in the nature of encumbrance)		Pledge	Pledge	Pledge	Free shares covenant	Pledge	Pledge
Vo. of shares encumbered		10,00,000	850	800	60,50,000	1,52,40,376	29,85,108	10,90,000
% of shares encumbered		0.29	0.00	0.00	1.75	4.42	0.86	0.32
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	δ behalf of Yes Bank Ltd. Vistra ITCL (India) Ltd.	Virtue Financial Services Private Limited	Services Private Virtue Financial Limited	on behalf of Tata Capital Catalyst Trusteeship Ltd Housing Finance Limited Financial Services Ltd and Tata Capital	Catalyst Trusteeship Ltd on behalf of Tata Capital Financial Services Ltd.	Hero Fincorp Ltd.	Aditya Birla Finance Limited
	institution, NBFC or housing finance company? If No, provide the nature of the Whether the entity X is a scheduled commercial bank, public financial business of the entity.	Yes	Yes	Yes	Yes	Yes	Yes	Yes
	Names of all other entities in the agreement	Vana Enterprises Limited	Max Ventures Investment Holdings Private Limited	Investment Holdings Private Limited Max Ventures	Investment Holdings Private Limited Max Ventures	Investment Holdings Private Limited Max Ventures	Max Ventures Investment Max Ventures Investment Holdings Private Limited	Holdings Private Limited
	commercial paper, certificate of deposit etc.? If yes, provide details about the Whether the encumbrance is relating to any debt instruments viz. debenture, instrument, including credit rating. If yes,	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	2 o
	1. Name of the issuer
	2. Details of the debt instrument
	3. Whether the debt instrument is listed on stock exchanges?
	4. Credit Rating of the debt instrument? 5. ISIN of the instrument
ecurity Cover / Asset	Value of shares on the date of event / agreement (A)	,50,000 1,01,27	8,60,838	8,10,200	6,12,71,37,500	15,43,46,90,693
over	Amount involved (against which shares have been encumbered) (B)	45,00,00,000			2,97,50,00,000	2,97,50,00,000	1,50,00,00,000 3,02,31,68,127	55,00,00,000 1,10,38,97,500
	Ratio of A / B	2.25			2.06	5.19	2.02	2.01
nd use of money	Borrowed amount to be utilized for what purpose (a) Personal use by promoters and PACs (b) For the benefit of listed company	Personal use by promoters and Personal use by promoters PACs	and PACs	promoters and PACs Personal use by	promoters and PACs Personal use by	promoters and PACs Personal use by	promoters and PACs Personal use by	Personal use by promoters and PACs
	Provide details including amount, purpose of raising money by listed company, schedule for utilization of amount, repayment schedule etc. (a) Any other reason (please specify)

$\mathbb{Z}$

	Details of all existing events / agreements pertaining to encumberance	Encumbrance 8	Encumbrance 9	Encumbrance 10	Encumbrance 11	Encumbrance 12	Encumbrance 13	Encumbrance 14
	Date of creation of encumbrance / date of agreement	06.09.2021	07.03.2021	09.03.2021	26.03.2021	18.05.2021	18.05.2021	15.06.2021
	Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant,	Free shares covenant	Free shares covenant	Pledge	Pledge	Pledge	Free shares covenant	Pledge
	transaction, condition or arrangement in the nature of encumbrance)
No. of shares encumbered		1,77,80,439	76,20,188	75,05,600	11,94,643	15,31,818	50,80,125	20,20,870
% of shares encumbered		$\overline{15}$	21	2.17	0.35	0.44	1.47	0.59
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	Aditya Birla Finance Limited	Catalyst Trusteeship Limited Investment Fund; and (ii) on behalf of (i) ESOF III ECL Finance Limited	Limited on behalf of (i) Catalyst Trusteeship ESOF III Investment Fund; and (ii) ECL Finance Limited	Hero Fincorp Ltd.	Infina Finance Private Ltd Infina Finance Private Ltd		STCI Finance Ltd.
	institution, NBFC or housing finance company? If No, provide the nature of the Whether the entity X is a scheduled commercial bank, public financial business of the entity.	Yes	(i) ESOF III Investment Fund Finance Limited is a NBFC is an AIF; and (ii) ECL	ECL Finance Limited is a (i) ESOF III Investment Fund is an AIF; and (ii) NBFC	Yes	Yes	Yes	Yes
	Names of all other entities in the agreement	Max Ventures Investment Holdings Private Limited	None	None	None	None	None	None
	commercial paper, certificate of deposit etc.? If yes, provide details about the Whether the encumbrance is relating to any debt instruments viz. debenture, instrument, including credit rating. If yes,	$\frac{1}{2}$	Yes	Yes	$\frac{1}{2}$	å	$\frac{1}{2}$	$\frac{1}{2}$
	1. Name of the issuer		Max Ventures Investment Holdings Pvt. Ltd.	Investment Holdings Max Ventures Pvt. Ltd.
	2. Details of the debt instrument		40,000 unlisted redeemable 40,000 unlisted non-convertible debentures	convertible debentures redeemable non-
	3. Whether the debt instrument is listed on stock exchanges?		Unlisted	Unlisted
	4. Credit Rating of the debt instrument?		Unrated	Unrated
	5. ISIN of the instrument		4. INE709V07060 3. INE709V07052 5. INE709V07078 6. INE709V07086 7. INE709V07094 2. INE709V07045 1. INE709V07037	4. INE709V07060 5. INE709V07078 6. INE709V07086 7. INE709V07094 2. INE709V07045 3. INE709V07052 1. INE709V07037
Security Cover / Asset	Value of shares on the date of event / agreement (A)	18,00,71,39,142	7,71,73,45,346	7,60,12,96,400	1,20,98,74,698	1,55,13,48,680	5,14,48,96,898	2,04,66,36,093
Cover	Amount involved (against which shares have been encumbered) (B)	55,00,00,000	4,00,00,00,000	4,00,00,00,000	60,00,00,000	75,00,00,000	75,00,00,000	1,00,00,00,000
	Ratio of A / B	32.74	1.93	1.90	2.02	2.07	6.86	2.05
End use of money	Borrowed amount to be utilized for what purpose (a) Personal use by promoters and PACs (b) For the benefit of listed company	Personal use by promoters and PACs	Personal use by promoters and PACs	promoters and PACs Personal use by	Personal use by promoters and PACs	promoters and PACs Personal use by	promoters and PACs Personal use by	promoters and PACs Personal use by
	Provide details including amount, purpose of raising money by listed company, schedule for utilization of amount, repayment schedule etc. (a) Any other reason (please specify)

		15 Encumbrance	Encumbrance 16	Encumbrance 17	Encumbrance 18	Encumbrance 19	Encumbrance 20	Encumbrance 21
	Date of creation of encumbrance / date of agreement	30.06.2021	16.08.2021	16.08.2021	07.09.2021	06.09.2021	30.09.2021	30.09.2021
	Type of encumbrance (pledge, lien, negative lien, non-disposal undertaking etc. or any other covenant, transaction, condition or arrangement in the nature of encumbrance)	Pledge	Pledge	Free shares covenant	Pledge	Free shares covenant	Pledge	Pledge
No. of shares encumbered		24,00,000	15,30,000	1,52,40,376	9,15,000	1,77,80,439	12,50,000	30,000
% of shares encumbered		0.70	0.44	4.42	0.27	5.15	0.36	0.01
Specific details about the encumbrance	Name of the entity in whose favour shares encumbered (X)	Asia-Pacific Private Credit Vistra ITCL India Pvt Ltd on behalf of BlackRock Opp. Fund II (SG) VCC		Infina Finance Private Ltd Infina Finance Private Ltd	Aditya Birla Finance Limited	Aditya Birla Finance Limited	on behalf of Axis Finance Catalyst Trusteeship Ltd Limited	on behalf of Axis Finance Catalyst Trusteeship Ltd Limited
	institution, NBFC or housing finance company? If No, provide the nature of the Whether the entity X is a scheduled commercial bank, public financial business of the entity.	AIF No. The entity is an	Yes	Yes	Yes	Yes	Yes	Yes
	Names of all other entities in the agreement	None	None	None	Max Ventures Investment Holdings Private Limited	Investment Holdings Private Limited Max Ventures	Max Ventures Investment Holdings Private Limited and SKA Diagnostic Private Limited	Max Ventures Investment Holdings Private Limited and SKA Diagnostic Private Limited
	Whether the encumbrance is relating to any debt instruments viz. debenture, commercial paper, certificate of deposit etc.? If yes, provide details about the instrument, including credit rating. If yes,	Yes	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$	$\frac{1}{2}$
	1. Name of the issuer	Max Ventures Investment Holdings Pvt. Ltd.
	2. Details of the debt instrument	convertible debentures redeemable non- 1,400 unlisted
	3. Whether the debt instrument is listed on stock exchanges?	Unlisted
	4. Credit Rating of the debt instrument?	Unrated
	5. ISIN of the instrument	2. INE709V07110 3. INE709V07128 1. INE709V07102
Security Cover / Asset	Value of shares on the date of event / agreement (A)	2,43,06,00,000	1,54,95,07,500	15,43,46,90,693	92,66,66,250	18,00,71,39,142	1,26,59,37,500	3,03,82,500
Cover	Amount involved (against which shares have been encumbered) (B)	1,40,00,00,000	75,00,00,000	75,00,00,000	45,00,00,000	45,00,00,000	1,25,00,00,000	3,00,00,000
	Ratio of A / B	1.74	2.07	20.58	2.06	40.02	1.01	$1.01\,$
End use of money	Borrowed amount to be utilized for what purpose (a) Personal use by promoters and PACs (b) For the benefit of listed company	promoters and PACs Personal use by	promoters and PACs Personal use by	promoters and PACs Personal use by	promoters and PACs Personal use by	promoters and PACs Personal use by	promoters and PACs Personal use by	promoters and PACs Personal use by
	Provide details including amount, purpose of raising money by listed company, schedule for utilization of amount, repayment schedule etc. (a) Any other reason (please specify)

Details of all existing