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1.The group on Friday announced its demerger into three listed companies — Max Financial Services Ltd, Max India Ltdand Max-Ventures and Industries Ltd. The idea behind the split is to provide investors a choice to continue to be associated with all these businesses, or with respective businesses that suit their investment objectives.
2.Alongside, the company’s founder, Analjit Singh, has formally stepped down from the chairmanship and board of two companies — Max Financial Services Ltd and Max India Ltd. However, Singh will remain chairman of the company’s younger venture, Max Ventures and Industries Ltd (MVIL). “I will chair the new kid, MVIL, which is virtually a startup. Now I don’t want to be seen as a promoter but as a sponsor,” Singh said at a press conference.Singh will be the founder and chairman emeritus of Max Group and Rahul Khosla will be the new president.
3.HSBC India’s former chairman Naina Lal Kidwai, who joined the Max Group, will be the chairman of Max Financial Services. Singh’s son-in-law, Sahil Vachani, will be MVIL’s new MD.