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No hurdle likely in Max Financial merger plan: Axis Max Life

Economic Times

Economic Times · 3m ago

No hurdle likely in Max Financial merger plan: Axis Max Life

Axis Max Life Insurance anticipates no regulatory issues with its merger plan with Max Financial Services, contingent upon the passing of a new insurance bill. The bill, which Parliament must approve, amends Section 35 of the Insurance Act to permit mergers between insurance and non-insurance companies with regulatory consent. The merger process, led by the National Company Law Tribunal, is expected to take 8 to 12 months, according to Axis Max Life's CEO, Prashant Tripathy.

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Related News

Axis Bank raises stake in Max Life Insurance

VCCircle

VCCircle · 1y ago

Axis Bank raises stake in Max Life Insurance

Axis Bank has increased its stake in Max Life Insurance, a subsidiary of Max Financial Services, by acquiring additional equity shares for INR 3.36 billion ($40.32 million). The move raises Axis entities' total holding in Max Life Insurance to 19.99%. Axis entities include Axis Bank, Axis Securities, and Axis Capital. Shares of Axis Bank rose by 2.2% following the news. This is the second increase in stake by Axis entities in Max Life Insurance, with the first being in April 2021.

India's Max Financial says hacker accessed customer data from its insurance unit | TechCrunch

TechCrunch · 4m ago

India's Max Financial says hacker accessed customer data from its insurance unit | TechCrunch

Max Financial Services reported that its insurance arm, Axis Max Life Insurance, experienced unauthorized access to its customer data, prompting an investigation in collaboration with security experts. The Noida-based firm, India's fifth-largest insurer with significant assets and coverage, initiated a security assessment and data analysis following the breach. Details remain undisclosed as the company works to identify the cause and implement remedial actions. TechCrunch is awaiting further responses from Axis Max Life Insurance.

Zee-Sony Merger Case: NCLAT refuses to stay merger, next hearing on January 8

Livemint

Livemint · 1y ago

Zee-Sony Merger Case: NCLAT refuses to stay merger, next hearing on January 8

The National Company Law Appellate Tribunal (NCLAT) has refused to stay the merger between Zee Entertainment Enterprises Limited (ZEEL) and Culver Max Entertainment, formerly known as Sony Pictures India. Axis Finance and IDBI Bank have challenged the merger and the next hearing is scheduled for January 8, 2024. This news comes after the NCLAT had adjourned the hearing on December 6 due to lack of time. The merger has also been delayed due to a disagreement over leadership arrangements between Sony and ZEEL.

Ambuja and ACC: Are wedding bells ringing?

Livemint

Livemint · 1y ago

Ambuja and ACC: Are wedding bells ringing?

- Adani group is considering merging Ambuja Cements Ltd and ACC Ltd into a single entity, creating a cement behemoth worth over ₹2 trillion. - Jefferies and Axis Capital have been appointed to advise on the merger, which would be the largest in India's cement industry. - The merger is likely to be executed through a share swap, with the combined entity named Adani Cement Ltd. - The goal of the merger is for Adani Cement Ltd to become India's top cement maker by 2028, surpassing Ultratech Cement Ltd. - The merger may also include Sanghi Industries to bring all listed cement-making firms under one entity. - Procedural challenges related to the transfer of mining and leasing rights may arise during the merger process.

Byju’s IPO-merger conundrum over Aakash a flashpoint with Blackstone, Chaudhry

VCCircle

VCCircle · 2y ago

Byju’s IPO-merger conundrum over Aakash a flashpoint with Blackstone, Chaudhry

The upcoming IPO of BYJU'S has raised concerns regarding the merger of Aakash Educational Services with the company. Blackstone, a major investor in Aakash, has reportedly expressed reservations about the valuation and terms of the merger. This has led to a disagreement between Blackstone and the management of BYJU'S, creating a potential hurdle in the IPO process. The situation remains unresolved as discussions continue.

Axis Bank-Max Life deal: Delhi High Court asks Sebi, RBI to expedite probe | Mint

Livemint

Livemint · 1y ago

Axis Bank-Max Life deal: Delhi High Court asks Sebi, RBI to expedite probe | Mint

The Delhi High Court has instructed the Securities and Exchange Board of India and the Reserve Bank of India to expedite their investigation into allegations of fraudulent practices by Axis Bank in the sale and purchase of shares in Max Life Insurance. The court dismissed a petition by Subramanian Swamy seeking the establishment of a committee to investigate the matter. Swamy alleges a scam of nearly ₹5,100 crore in the way Axis Bank conducted the transactions, where the bank gained substantially. Swamy is considering approaching a criminal court and invoking the Prevention of Money Laundering Act.

Bain, Inventia plan pharma bets; promoters to up stake in Zee

VCCircle

VCCircle · 1y ago

Bain, Inventia plan pharma bets; promoters to up stake in Zee

Bain Capital is likely to acquire a stake in Sai Life Sciences, valuing the company at around $800 million. Platinum Equity Advisors is in talks to acquire drugmaker Inventia Healthcare. Zee Entertainment plans to sue Sony for damages, accusing them of preventing the merger. Lightspeed Venture Partners is exploring ways to sell startup stakes valued at approximately $1 billion.

ZEE seeks $90M termination fee from Sony for calling off merger

YourStory

YourStory · 1y ago

ZEE seeks $90M termination fee from Sony for calling off merger

Zee Entertainment Enterprises is seeking a termination fee of $90 million from Sony Group for cancelling their $10 billion merger deal. ZEEL has terminated the Merger Cooperation Agreement due to breaches by Sony Pictures Networks India (Culver Max Entertainment) and Bangla Entertainment. ZEE is now seeking the termination fee from Culver Max and BEPL in accordance with the agreement. Sony had previously initiated arbitration proceedings claiming the same termination fee. The merger between ZEEL and Sony Group entities had been approved by the Mumbai bench of NCLT but was terminated by Sony in January 2024.

Zee gears up for legal battle against Sony

Livemint

Livemint · 1y ago

Zee gears up for legal battle against Sony

Zee Entertainment Enterprises has filed a case against Culver Max Entertainment (formerly Sony Pictures Networks India) at the National Company Law Tribunal. Zee is seeking directions to implement their merger and contesting Culver Max’s claims in arbitration proceedings before the Singapore International Arbitration Centre. The merger between the two media companies fell through when Sony accused Zee of breaching the terms of their agreement. Zee denies any breach and believes Culver Max is not entitled to terminate the agreement. The merger had received all necessary regulatory approvals but faced resistance from lenders.

CA Rudramurthy BV suggests a cautious, sector-specific approach; 5 insurance & defence stocks to bet on

Economic Times

Economic Times · 5m ago

CA Rudramurthy BV suggests a cautious, sector-specific approach; 5 insurance & defence stocks to bet on

CA Rudramurthy BV, MD of Vachana Investments, advises a sector-specific investment approach, particularly favoring insurance and defense stocks. He recommends monitoring key market indices like Bank Nifty and Nifty, as well as crude oil and dollar-rupee movements. Prominent insurance stocks include HDFC Life, SBI Life, LIC, and Max Financial. In defense, Bharat Electronics Limited (BEL) and Hindustan Aeronautics Limited (HAL) stand out as promising investments.

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