With reference to the disclosure earlier made by the Company dated February 15, 2024, whereby it is mentioned that a petition has been filed in the Hon’ble High Court of Delhi alleging that Axis Bank & its group companies have made undue profits/ gain from the purchase and sale of the equity shares of the material subsidiary of the Company - Max Life Insurance Company (‘Max Life’). In this regard, Max Financial Services has informed that after hearing the arguments from all the parties concerned, the Delhi High Court on August 12, 2024, has declined to admit the PIL. The Hon’ble High Court of Delhi has disposed the matter noting that the matter is under the consideration of concerned regulators and has directed them to complete their inquiry expeditiously and in accordance with the law. A joint media statement issued by Max Financial Services and Max Life is enclosed.
The above information is a part of company’s filings submitted to BSE.
