Max Financial Services Limited
Max Financial Services Limited incorporated on 24 February, 1988 is part of India‚Äôs leading business conglomerate ‚Äì the Max Group. Company is primarily engaged in growing and nurturing business investments and providing management advisory services to Indian group companies.It owns and actively manages an 81.83% majority stake in Max Life Insurance, India‚Äôs largest non-bank life insurer and 4th largest private…
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MFSL, Axis Max Life, and certain key personnel are clear after SEBI concluded proceedings related to a show cause notice without any penalty or direction. Settlement applications for other directors are pending.
Max Financial Services received notices for a brief non-compliance in its Nomination and Remuneration Committee's composition. The temporary deviation was swiftly resolved, restoring full compliance. The company paid a minor fine of INR 4,000 + GST to each stock exchange. Management commits to avoiding recurrence.
Max Financial Services' Q1 results show profit for owners at Rs. 95.56 Cr (EPS Rs. 2.78) on Rs. 14,969.51 Cr revenue. Axis Bank raised its stake in Axis Max Life to 19.99%. An amalgamation with Axis Max Life is planned, targeting its listing and direct shareholder benefits. A subsidiary redeemed...
Max Financial's subsidiary, Axis Max Life, received GST notices demanding ~35.29 Cr for alleged wrongful Input Tax Credit utilization. The company disputes the claim, asserting proper ITC availment, with no current impact on operations.
Axis Max Life Insurance fully redeemed 4,960 debentures worth INR 496 Cr by exercising a call option. The company also paid INR 37.2 Cr in interest, bringing the outstanding amount for this issue to nil. Strong debt management.