Sensex
78,009.25 profit arw -70.71 (-0.09%)
Nifty
24,366.00 profit arw -29.85 (-0.12%)
Nasdaq
18,355.20 profit arw -497.09 (-2.64%)
logo img

GET IN TOUCH

GET IN TOUCH

Enter a 10 digit mobile number starting with 7, 8, or 9
Captcha verification code, enter the characters shown below

As on : 14-Aug-2026
Corporate News
14-Aug-2026     21:52

Max Life Insurance utilized Rs 796 crore of QIP funds, raising compliance concerns

A Monitoring Agency report released August 1, 2026, revealed that Max Life Insurance Company Limited deployed Rs 796.06 crore of the Rs 800 crore raised through a Qualified Institutional Placement (QIP) as of June 30, 2026, leaving Rs 3.94 crore unutilized. While Rs 646.06 crore was used for land and development rights acquisition, with a delay in deployment, the remaining Rs 129.58 crore was fully allocated for general corporate purposes. The report flagged a compliance concern regarding the commingling of QIP proceeds with funds of a subsidiary, Boulevard Projects Private Limited, and the investment of unutilized funds through the same subsidiary in fixed deposits at Yes Bank. The report, verified by M G A & Associates, also noted delays in land acquisition and raised questions about adherence to limits on general corporate purpose allocations.

INDIAN INDICES

Sensex

78,009.25 -70.71 (-0.09%)

Nifty

24,366.00 -29.85 (-0.12%)

GLOBAL INDICES

USD

NA

NASDAQ
HANG SENG

25,116.86 -279.66(-1.10%)