Max Financial Services Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 17, 2016, approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination through a merger of Max Life Insurance Company Limited and Max Financial Services Limited into HDFC Standard Life Insurance Company Limited by way of a scheme of arrangement. The agreement provides for a mutually agreed exclusivity period for due diligence and discussions between the parties in relation to the proposed transaction. The proposed arrangements would be subject to due diligence, definitive documentation and applicable board, shareholder, regulatory, respective High Courts / NCLT, and other third party approvals, as may be applicable. Max Financial Services Ltd has informed BSE regarding 'Update on Scheme of Amalgamation and Arrangement'. (As Per BSE Announcement Dated on 07.09.2016)