Basically, as confirmed above MAAS or meet and assist referred to special handling cases such as UM'S and wheelchairs.
However, 9W started using these tags to identify their "CIPS" - Commerically Important Pax, and VIPs (aka Politicians in India). These came as a means of identifying bags for those passengers who are met on arrival at HUBS by a member of the dedicated concierge team (similar to AA concierge key) - however, there is no official way to get in - you just get identified and they start helping you out and if you fly regularily they give their phone number etc etc.
The only time I've seen them go out of their way to identify and inform passengers of this service is on international FIRST CLASS (i.e. 777's ex BOM to BRU,LHR,EWR and ex DEL to LHR and JFK(When they flew them)).

Kingfisher - which does many things 9W does, calls this Guest Relations, instead of PR or Premiere Relations.
Also, given their limited KFirst destintations, they tag all KFirst passenger bags with MAAS. This helps differentiate between KF fliers and Gold/silver card holders flying in EY which get the priority tags. If you fly KF you usually get both.
Anyway - thats the long of it.