Max In­dia, HDFC Life shelve merger plan

India Business Journal - - NEWS ROUND-UP -

Max

In­dia has shelved the pro­posed merger plan be­tween Max Life and Max Fi­nan­cial Ser­vices with

HDFC Stan­dard Life In­surance. HDFC Stan­dard Life, which had de­cided to come out with an IPO, put on hold the merger plan last month in ab­sence of reg­u­la­tory ap­proval. The merger plan did not go down well with the IRDA as it was in con­tra­ven­tion of the Sec­tion 35 of the In­surance Act, 1938, that does not al­low merger of an in­surance busi­ness with a non­in­sur­ance company.

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