Max India ltd on Tuesday said it has received shareholders’ approval for amalgamation of Max life Insurance Company with Max Financial Services as also the demerger of insurance business for transfer to HDFC Standard life Insurance Company. The decision follows postal ballot result. The company passed an ordinary resolution to approve the process.
“The result of the aforesaid resolution was declared on Tuesday. As more than 93 per cent votes were received in favor of the above resolution, it was declared that the aforesaid resolution was approved with requisite majority,” Max India said in a regulatory filing. As per the approval of the shareholders to the composite scheme of amalgamation and arrangement, it said shareholders have approved amalgamation Max life Insurance Company ltd into and with Max Financial Services ltd (the resultant entity being referred to as MergeCo).
Further, demerger of the undertaking pertaining to the insurance business from MergeCo and transfer of the same to HDFC Standard life Insurance Company ltd was approved.