HDFC Life Insurance on Friday said it has received a demand notice of more than ₹942 crore for non-payment of GST. On June 20, HDFC Life had said that the Competition Commission of India has approved HDFC Ltd -- one of the promoters of the company -- to increase its stake in HDFC Life to more than 50 per cent. In a filing on Friday, HDFC Life said the Insurance Regulatory and Development Authority of India (IRDAI) has granted its approval for transfer of shares of HDFC Life, from HDFC Ltd to HDFC Bank. "We also wish to inform that IRDAI vide its said letter has also granted its approval for HDFC Limited to acquire additional shares in HDFC Life so as to hold more that 50% of its total share capital,” HDFC Life said. Also Read: RBI allows HDFC Bank to hold CPs issued till date by HDFC till their maturity

Source: The Hindu June 28, 2023 00:55 UTC