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Max Financial Services Ltd. Company History and Annual Growth Details


- The company was incorporated on 24th February, and the certificate of
commencement of business was obtained on 21st March. The company was
engaged in the manufacture of Bi-axially oriented polypropylene (BOPP)
films. The company was promoted in joint sector by Max India Ltd.,
Ranbaxy Laboratories Ltd., Montari Industries Ltd. and Punjab State
Industrial Development Corporation Ltd.

- The Company undertook to set up a project for the manufactuof
2,000 tonnes per annum of BOPP film.

- Following amalgamation, the Company organised its business and
designated them under four groups as follows: Max Pharma, Max
Electronics, Maxxon BOPP Films, Max Telecom.

- The Max-GB Ltd. is a 50:50 joint venture formed with Gist-Brocades
International BV of the Netherlands. It manufactures and markets
Penicillin based drug intermediates (6-APA and 7-ADCA) and bulk drugs
(Ampicillin, Amoxycillin and Cephalexin).

- The Company undertook to set up a state-of-the-art bulk drugs and
intermediates facility at a 50 acre greenfield site at Nanjangud near
Mysore in Karnataka. The bulk drugs range would include Anti-epileptic
and anti-histaminic drugs.


- During January, the Company issued 14,50,000-12% secured convertible
debentures of Rs 100 each as follows: (i) 2,90,000 debentures to the
resident and non-resident shareholders of the promoter companies (all
were taken up). (ii) 72,500 debentures to employees (only 4,950
debentures taken up). The remaining 10,87,500 debentures, along with
67,550 debentures not taken by employees, were offered to the public.
All were taken up.

- Part-A of Rs 20 of each debenture was to be converted into 2 equity
shares of Rs 10 each at par upon allotment of debentures. Accordingly
29,00,000 No. of equity shares were allotted.

- Part-B of Rs 40 each debenture was to be converted into two or more
equity shares at a price to be decided by the concerned authorities
within 5 years from the date of allotment.

- Part-C of Rs 40 of each debenture would be compulsory bought back by
the Company at the option of the investors on the expiry of 5 years
from the date of allotment. It is redeemed in three equal installments
at the end of 7th, 8th and 9th years from the date of allotment of


- The erstwhile Max India Ltd., expanded into pharmaceutical
formulation at an existing manufacturing facility at Okhla, New Delhi.

- New products such as Maxmox, a formulation of Amoxycillin, Cefamax, a
formulation of Cephalexin, Floxip and an innovative product Rejoor were


- Hutchison Max Telecom Pvt. Ltd., a joint venture was set up in
collaboration with Hutchison Telecom, to offer value added telecom

- The Company entered into an understanding with Comsat Corporation
USA., for a joint venture to address the needs of VSAT Communication
services via satellite.


- Effective 1st January, Max India was merged with Maxxon India Ltd.
and the name was retained as Max India Ltd. Consequent to amalgamation
of Max India Ltd., with Maxxon India, the Company allotted the
following shares:

- (i) 5,80,000 No. of equity shares allotted on 24th August, to the
Trustee of 12.5% convertible debentures of the Company consequent upon
conversion of 11,60,000 debentures (1 to 5,80,000).

- (ii) 75,000 No. of equity shares allotted on 24th August, to an
associate company against conversion of interest free unsecured loan of
Rs 150 lakhs (5,80,001 - 6,55,000).

- (iii) 7,42,750 No. of equity shares allotted on 4th October to equity
shareholders (6,55,001 - 13,97,750).

- (iv) 62,39,450 No. of equity shares allotted on 4th October, to
equity shareholders of erstwhile Max India Ltd. (13,97,751 -

- 70 shares subscribed for by promoters etc. 45,27,430 No. of equity
shares then issued at par and allotted on a firm basis as follows: (1)
22,19,439 shares to Max India Ltd., Ranbaxy Laboratories Ltd., Montari
Industries Ltd., directors etc. and (2) 23,06,000 shares to PSIDC.


- Maxfoil, a innovative new product for leather industry was
introduced. During the year the company commissioned the cellular,
paging and VSAT Satellite Communication networks.

- `Max torch', the cellular service was launched in Mumbai. All the
seven paging networks of Hutchison Max Telecom were commissioned at
Bangalore, Hyderabad, Baroda, Ahmedabad, Pune, Ludhiana and Chandigarh.

- The Company undertook to set up a design center primarily for exports
market through hardware and software project sales.

- Pursuant to the approval received on the extra ordinary general
meeting held on 28th December, it was proposed to allot 6,00,000
warrants to the management group. These are to be converted into
equity shares @ Rs 383.75 per share.

- It was also proposed to issue Rs 152 crores worth zero coupon fully
convertible debentures and non-convertible debentures with detachable
warrants on rights basis at a premium to be decided.


- Hutchison Max Telecom commenced paging services at Bangalore,
Chandigarh, Ludhiana, Pune, Ahmedabad, Hyderabad with the commencing of
its 7th network at Vadodara. In September, the Company commissioned
Cellular phone services in Mumbai.

- In September, Max speciality Products launched Max foil, a unique
range of leather finishing oils at its new facility at Railmajra,

- The joint venture between Max-GB Ltd. and Hindustan Antibiotics Ltd.,
for manufacture of Pennicillin G was inaugurated at Pimpri on 8th

- The joint venture would launch six new products along with long
acting injectable contraceptives "Depo-Provera". An agreement was
reached with Pierre Fabre, France to market their products on an
exclusive basis. The Company's products were launched.

- The paging service of Hutchison Max Telecom became the first service
to be launched in all its licensed cities.

- Commercial operations commenced in August by commissioning its master
earth station, the Hub at Turbe near Mumbai. Forays were made into the
banking and financial sectors and also into distribution and
manufacturing sectors.

- During December 1995 - January 1996, the company offered 8,33,720 -
zero coupon fully convertible debentures of Rs 500 each for cash at par
on rights basis in proportion 1 debenture: 10 equity shares held (all
were taken up).

- Part A of Rs 225 of each debenture was to be converted into one
equity share of Rs 10 at a premium of Rs 215 per share on the date of
allotment. Accordingly 8,23,720 shares allotted.

- Part B of Rs 275 would be converted into 1 equity share of Rs 10 at a
premium of Rs 265 per share after 12 months from date of allotment.

- Simultaneously the Company also issued 16,47,440 - 12.5% second
redeemable non-convertible debentures of Rs 250 each for cash at along
with detachable warrants on rights basis in proportion 1 NCD : 5 shares

- Each debenture would be redeemed at par in three installments of Rs
75, Rs 75 and Rs 100 at the end of 6th, 7th and 8th year from the date
of allotment of debenture.

- 14,23,720 shares allotted on conversion of warrants as allotted on
preference basis to management group companies.


- A range of Upjohn products manufactured under licence in a new
sterile facility were launched.

- The Company is an exclusive representative of Motorola Semi Conductor
for the south Indian subcontinent. A new group has been set up for
offering turnkey projects for setting up a 100% EOU PCB plants in the

- Due to the amalgamation, the unit now offers improved customer
service and has developed new products.

- In March, a joint venture was formed with Atotech BV of the
Netherlands for PCB plating and general metal finishing chemicals.

- In April, the unit commissioned at its films metallising plant and
launched its metallised BOPP films branded `Maxmet'.

- In March, the Company commissioned the state-of-the-art metalliser
imported from General Vaccuum equipment, U.K.


- Max India Ltd. gets nod for 1:1 bonus issue and Employee Stock Option
Programme and increasing the authorised share capital of the company.

- The Company has acquired a majority interest in HealthScribe India
Pvt. Ltd. a 100 per cent Indian subsidiary of HealthScribe Inc., one of
the World's leading medical transcription companies.

- The Company has divided all its business - business units, joint
ventures and investments - under six heads; viz., Healthcare, Financial
Services, Information Technology, Pharmaceuticals, Speciality Products
and Telecom.

- The Company sold 24 per cent stake in the 50:50 penicillin-based bulk
pharmaceutical joint venture Max GB to its foreign partner, the Dutch
DSM, for Rs. 26 crores.

- The Company appointed Mr. Kanti Mohan Rustagi as the C.S. effective
from 9th August.

- Analjit Singh has been appointed the new chairman and the post of
managing director split into two -- one each for information technology
and healthcare -- to be headed by Vivek Jetley and Noni Chawla.

- Mr. Jagdish Anand resigned as Director w.e.f. October 1st and the
appointment of Mr. Nripjit Singh Chawla as the Managing Director w.e.f.
October 3.


- Max healthcare, a division of Max India Ltd., has opened two primary
(Dr Max) and a secondary (Max Medcentre) healthcare centres in New

- Max New York Life the joint venture between Max India and New York
Life, will enter the bancassurance sector six months from now.


-Max India becomes the first private player to show interest in Health Insurance sector.

-BOD at its meeting approves the following:
Spin off of its health care division into a wholly owned subsidiary
Divestment of 5% holding of the company in DSM-Anti Infectives India Pvt Ltd in favour of its joint venture partner.

-Releases 'Host-Protect-Delivery-Manage' (HPDM) suite for corporates to help them to tackle the uncertainties.

-Shareholders by way of postal ballot approve for the sale of company's Healthcare division to a wholly owned subsidiary.

-Max Healthcare recasted as a separate company and will be called Max Healthcare Institute Ltd.

-Max Health extends its clinics at schools and in corporate offices.

-Board approves for the disinvestment of its entire 40% share in Avnet Max Ltd in favour of its joint venture partner.

-Board approves for the sale of its pharmaceutical division to Jubilant Organosys at a consideration of Rs. 62.7 crs.


-Board approves for the acquisition of 49% equity stake in Cosmat Max held by Cosmat Investments Inc, Mauritius for a consideration of US $ 7,50,000.

-Board approves for the investment of an amount not exceeding Rs.55 million in tranches, in Max Healthstaff International Ltd.

-Max India closes down Max Ateev and Alta Cast , the software development and IT enabled business taking a big hit of Rs.65 crs.

-Shareholders approve for delisting of the company's shares from ASE,CSE,DSE and LSE.


-Max India Ltd has informed that Mr. Surendra Kaul, a Whole-time Director of the Company designated as 'Director (Legal & Corporate Affairs) has decided to pursue career options outside the Company. At the request of the Company and in order to ensure a smooth transition, Mr. Kaul will continue with the Company till November 30, 2004.

-Warburg Pincus in strategic partnership with Max India Limited

-Warburg Pincus partners with Max Healthcare


-Max Telecom Ventures to divest its stake in Hutchison Essar Telecom

Max India Ltd - Max telecom ventures Ltd signed a MoU


-Max India Ltd has appointed Mr. Anuroop Singh as an Additional Director on the Board of Directors of the Company effective from March 30, 2007.

- The Company has splits its face value from Rs.10/- to Rs.2/-.


-Max India signs agreement with UK firm for health insurance biz


- Max India Ltd, currently present in both the life insurance and healthcare sectors, has rolled out its health insurance joint venture with the UK-based Bupa.


- Max India Limited has informed that the Board of Director of the Company at their meeting held on February 11, 2011 has appointed Mr. Vishal Bakshi as Alternate Director to Mr. Sanjeev Mehra on the Board.

- Max India Ltd has acquired Max Healthcare Institute Limited .


- Investors give thumbs-up to Max India on stake hike by promoters.

- The Company appointed Professor Dipankar Gupta as a Non Executive Independent Director.

- Max India gains over 6% on reports of Japan’s MS&AD buying 26% in Max India-New York Life JV.

-Board declares Interim Dividend of 90% i.e. Rs. 1.80 for every equity share of Rs. 2/- each to the shareholders.
-Boston University confers the ‘Distinguished Alumni’ award to Mr. Analjit Singh, Founder & Chairman Max India Group 

-Max Bupa wins the coveted technology award at the fourth edition of India Insurance Awards
-Standard Chartered Bank enters into a bancassurance tie up with Max Bupa
-Max Bupa introduces the most comprehensive and flexible family health insurance plan in India
-- Board recommends Final Dividendof 90%, i.e., Rs. 1.80 for every equity share of Rs. 2/- each
to the shareholders.

-Max India, has approved splitting the company into three different entities, to diverse line of businesses and sharpen focus.
-Max India Ltd has approved the Scheme of Arrangement by Punjab and Haryana High Court.

- The Name of Max India Ltd shall be changed to Max Financial Services Ltd and symbol be changed from MAX to MFSL