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Max India Max Life -acdifsi Life retraced its steps to the proposed merger, was getting said delay
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| Max India Max Life -acdifsi Life retraced its steps to the proposed merger, was getting said delay |
Business
Max India has stepped back from the proposed merger agreement with Max Life and Max Financial Services, HDFC Standard Life Insurance. Max Life has said that there was a lot of delay.
Max India has said in the information sent to BSE, "Max Financial Services (MFS), Max India and Max Life today confirm that their proposed merger agreement with HDFC Life has ended. The specification agreement with HDFC Life was valid till 31 July 2017, this agreement will not be extended further. "It further states that, 'potential partners have been involved in this It was decided to sort out alternate structures, but considering the time required to finalize such a structure and accept the approval for it, it was decided to end it. '
Read also: 9.57% stake in HDFC Life will be sold through IPO
The company has said that it will continue to invest in its own business by activating itself to expand or expand its business, including acquisition or acquisition. Earlier this month, HDFC Standard Life Insurance decided to bring an IPO, but due to lack of regulatory approval, postponed the proposed merger with Max Lys. Last month, Max India was confident of the proposed merger. He had said that the concerned parties are committed to this merger and after considering the scheme they are not considering the Irda after considering various options. Irda has approved the plan due to the complex nature of merger with the insurance company's financial body. Was refused.
He said that no such system has been identified before the IPO of HDFC Life, which will fulfill the needs of the shareholders. According to the original plan, Max India had to merge Max Life Insurance and Max Financial Services to create a large body.
Later, the insurance business of this body was to be separated so that it was transferred to HDFC Standard Life Insurance Company. But the entire plan could not get the approval of the Insurance Regulatory and Development Authority of India because it was against Section 35 of the Insurance Act 1938. This section does not allow insurance business to be merged with non-insurance company.
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