Max Life promoters to get Rs 850 crore non-compete fee

The minority shareholders of Max Life Insurance have given a green nod for payment non-compete fee to its promoters. Analjit Singh and family will get Rs 850 crore as the non-compete fee over four years. In the company’s Annual General Meet (AGM) on Monday, 65 percent of minority shareholders approved it. The shareholders include names like KKR, Goldman Sachs and Kotak. While the numerical numbers have won, corporate governance has failed, says Anil Singhvi, Chairman of ICan Investment Advisors. Private equity players usually prefer the promoters. However, he believes that the issue is a trend setter as minority shareholders have won the case. Watch video for more..