Max Life, HDFC Life likely to approach Irdai with alternate plan

Lawyers, investment bankers of involved parties working on a simpler plan, say sources

The promoters of HDFC Life and Max Life, whose merger has been stuck with the insurance regulator for more than nine months, are working on an alternate structure, said sources close to the development. 

While a definitive deadline has not been set, discussions are on between the two companies. “There is a growing feeling within the companies that the Insurance Regulatory and Development Authority of India (Irdai) may insist on another structure for this deal and in order to ensure that the deal goes through smoothly. Our law firms and investment bankers are working on alternate structures,” said a source