Max India, HDFC Life shelve merger plan
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.