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HDFC Life, Max Life merger set back as attorney general refuses to give legal opinion

( May 25, 2017, 04:42 GMT | Insight) -- Attorney General Mukul Rohatgi has refused the Insurance Regulatory & Development of India's request for a legal opinion on the proposed HDFC Life-Max Life merger, as there is no provision in Indian law allowing financial services and insurance firms to merge, the Economic Times reports. Attorney General Mukul Rohatgi has refused the Insurance Regulatory & Development of India's request for a legal opinion on the proposed HDFC Life-Max Life merger, as there is no provision in Indian law allowing financial services and insurance firms to merge, the Economic Times reports. Under the proposed deal, Max Financial Services would be merged with Max Life, followed by a demerger of the life insurance business which would then be combined with HDFC Life. HDFC Vice Chairman Keki Mistry said that if the proposed restructuring were not approved, the firm could opt instead for an IPO. A merged entity would create India's largest life insurance firm, managing more than 1.1 trillion rupees ($16.9 billion) in assets. ...

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