Max India Provides Update on Composite Scheme of Amalgamation and Arrangement

Max India announced that in reference to the Composite Scheme of Amalgamation and Arrangement filed with Stock Exchanges involving Max Life Insurance Company ('Max Life'), Max Financial Services, HDFC Standard Life Insurance Company ('HDFC Life') and Max India (the Company) and its earlier communication dated 12 November 2016 informing about the decision of IRDAI and the intent of the companies to make further representations to IRDAI.

Further to the representations made to Insurance Regulatory & Development Authority of India ('Authority'), the Authority has on 07 June 2017, reaffirmed its original position regarding Section 35 of the Insurance Act, 1938. HDFC Life and Max Life remain committed to the merger and are evaluating various options.