Standard Life India combination hits stumbling block

14th Nov 2016 07:04

(ShareCast News) - Standard Life said on Monday that the possible combination involving its Indian joint venture, HDFC Life, as well as Max Life Insurance Company, Max Financial Services and Max India, had hit a roadblock.The FTSE 100 firm said an application was filed by HDFC Live and Max Life, seeking the in-principle approval of the Insurance and Regulatory Development Authority of India, on 21 September."Standard Life notes the announcement by HDFC that IRDAI has expressed reservations regarding accepting the scheme of amalgamation in its current form," its board said in a statement."Standard Life further notes that HDFC Life believes that the scheme of arrangement as submitted to the IRDAI is in compliance with all applicable laws and that HDFC Life and MLIC propose to make suitable representations to IRDAI."HDFC Life is a joint venture between Standard Life, and the Housing Development Finance Corporation.