Max Financial Services Ltd has informed BSE regarding Outcome of Board Meeting held on August 08, 2016. In this regard, the Company has issued a copy of Press Release titled 'HDFC Life, Max Group Entities finalize merger of Life Insurance Businesses'. Max Financial Services Ltd has informed BSE that with reference to the scheme of amalgamation proposed by the Company involving the Company, its subsidiary Max Life Insurance Company Limited (MLIC), Max India Ltd and HDFC Standard Life Insurance Company Ltd. (HDFC Life). An application was filed by MLIC and HDFC Life seeking the in-principle approval of IRDAI for the above-mentioned scheme on September 21, 2016. IRDAI has expressed reservations to accept the scheme of amalgamation in its current form. The Company believes that the scheme of arrangement as submitted to the IRDAI is in compliance with all applicable laws and proposes to represent and clarify the matter to IRDAI. (As Per BSE Announcement Dated on 12.11.2016) This is with reference to the Composite Scheme of Amalgamation and Arrangement proposed by the Company involving the Company, its subsidiary Max Life Insurance Company Limited ('Max Life'), Max India Limited and HDFC Standard Life Insurance Company Limited ('HDFC Life') and our earlier communication dated November 12, 2016 informing about the decision of IRDAI and the intent of the companies to make further representations to IRDAI. Further to the representations made to Insurance Regulatory and Development Authority of India ('Authority'), the Authority has on June 7, 2017, reaffirmed its original position regarding Section 35 of the Insurance Act, 1938. HDFC Life and Max Life remain committed to the merger and are evaluating various options. You are requested to take the aforesaid on record. (As Per BSE Announcement Dated on 08.06.2017) With reference to the Composite Scheme of Amalgamation and Arrangement proposed by the Company, we would like to inform you that the Confidentiality, Exclusivity and Standstill Agreement dated June 17, 2017 entered amongst the parties is not being extended further. The proposed Scheme and the applications filed in this regard with Stock Exchanges should be kindly treated as withdrawn. Disclosure in this regard is attached. This is continuation to our earlier disclosure of even date on the captioned subject. Please find enclosed a copy of press release issued by the Company on the Composite Scheme of Amalgamation and Arrangement. (As Per BSE announcement Dated on 31.07.2017)