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'. Further to our letters dated June 17, 2016 and August 8, 2016, regarding the Scheme of Amalgamation and Arrangement amongst the Company, Max Life Insurance Company Limited, HDFC Standard Life Insurance Company Limited and Max India Limited ('the Scheme'), we would like to inform you that earlier in the day, i.e. September 7, 2016, the Company has filed a joint application along with the aforesaid parties to the Scheme, with the Competition Commission of India ('CCI'), seeking its approval. A copy of the Scheme as filed with CCI is being uploaded on the website of the Company at www.maxfinancialservices.com. (As Per BSE Announcement Dated on 07.09.2016) 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)