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"Further to the representations made to the Insurance Regulatory & Development Authority of India (Irdai), the Authority on June 7 reaffirmed its original position regarding section 35 of the Insurance Act, 1938," Max India said in a regulatory filing.
It said: "HDFC Life and Max India remain committed to merger and evaluating various options."
The scheme of amalgamation proposes merging of insurance business in an agreement between Max Financial Services Ltd (MFSL), its subsidiary Max Life Insurance Company Ltd (MLIC), HDFC Standard Life Insurance Company Ltd (HDFC Life) and Max India.
Max Financial Services, promoted by USD 2 billion Max Group, is the holding company for Max Life.