Board of


Mr. Analjit Singh


Mr. Analjit Singh is the Founder and Chairman Emeritus, Max Group, and Chairman of Max Ventures & Industries and Antara Senior Living. An industry statesman, he was awarded the Padma Bhushan, one of India’s top civilian honours in 2011. He is also the Chairman of Vodafone India and is on the Board of Sofina NV/SA, Belgium. He has significant interests in real estate in India and lifestyle related ventures in the Western Cape, South Africa, pertaining to viticulture, wine making and hospitality. Mr. Analjit Singh is a member of the Founder Executive Board of the Indian School of Business (ISB) and has served as Chairman of Board of Governors of the Indian Institute of Technology (IIT), Roorkee. He was awarded the Ernst and Young Entrepreneur of the Year Award (Service Category) in 2012 and the US India Business Council Leadership Award in 2013. In 2014, he was awarded with Spain’s second highest civilian honour, the Knight Commander of the Order of Queen Isabella. He is an alumnus of Doon School and Shri Ram College of Commerce (SRCC), Delhi University and holds an MBA from Boston University. He also serves as the Honorary Consul General of the Republic of San Marino in India.

Mr. Arthur H. Seter

Additional Director

Mr. Arthur H. Seter, CFA is Senior Vice President, Deputy Chief Investment Officer and Chief Derivatives Officer of New York Life Insurance Company. Mr. Seter also serves as the Secretary of the Investment Committee of the Board of New York Life and is a Trustee of New York Life’s retirement and benefit plans.

Mr. Seter is responsible for the day-to-day management of the Office of the Chief Investment Officer, which is responsible for the oversight of New York Life’s General Account investment portfolio, the use of derivatives and the management of the Surplus of the Company.

Mr. Seter’s other responsibilities include, supporting the Trustees of New York Life pension and benefit plans; coordinating the activities of the Investment Committee of the Board of New York Life and duediligence and monitoring of funds offered on New York Life’s variable product platforms.

Mr. Seter joined New York Life in 1989 and prior to his current position he served in positions of increasing responsibility in the Real Estate and Investments Groups.

Mr. Seter has 35 years of investment experience, having previously worked at E.F. Hutton and L.F. Rothschild, first as a financial analyst and later as an investment banker specializing in mortgage finance.

Mr. Seter graduated from Sussex University in England with a B.S. in Operations Research and earned an M.B.A. from Adelphi University. Mr. Seter holds the Chartered Financial Analyst designation.

Mr. K. Narasimha Murthy

Independent Director

Mr. K. Narasimha Murthy, entered the profession of Cost & Management Accountancy in 1983. He has been associated with the development of Cost & Management Information Systems for more than 175 companies across more than 50 industries. In addition, he has been closely involved in turning around multiple large corporates, focusing on systems improvement with a cost optimisation approach. He has been associated with more than 35 High Level Committees as Chairman / Member both at the National and State level. He currently serves on the Boards of STCI Finance Ltd, Infiniti Retail Limited (Tata Croma), Max Life Insurance Company Ltd., Max Healthcare Institute Ltd., Max Bupa Health Insurance Co. Ltd., Max Speciality Films Ltd. In addition, he is Member on Tirumala Tirupathi Devasthanams Internal Audit & Investment Committees, Cost Accounting Standards Board of Institute of Cost Accountants of India. He is also holding a position of Advisor (Financial Services) to Government of Andhra Pradesh. He was earlier a Member on the Board of Supervision NABARD and on the Boards of many prestigious Institutions in India viz., ONGC Ltd., UTI, IDBI, LIC Housing Finance, IFCI, UTI Bank (presently AXIS Bank) etc. His contribution to the Costing & Management Accounting profession in India has been recognised by the Institute of Cost & Works Accountants of India (ICWAI), which honoured him with a citation in October 2007.

Mr. Mohit Talwar

Vice Chairman

Mr. Mohit Talwar is the Managing Director of Max Financial Services and Max India, and Vice Chairman of Max Ventures & Industries Limited (MaxVIL). In addition, he is the Chairman of Max Speciality Films and serves on the Boards of Max Life Insurance, Max Healthcare, Max Bupa and Antara Senior Living.

As the Deputy Managing Director of the erstwhile consolidated Max India Limited, he successfully leveraged his strong relationships with institutional investors, hedge funds, banks and private equity firms and led several complex corporate finance and financial structuring deals to ensure adequate investment and liquidity for the Group’s operations. He has played a central role in executing key transactions including the setting up of Max Bupa Health Insurance, bringing on board MS&AD Insurance Group Holdings as the new JV partner for Max Life, Life Healthcare’s entry in Max Healthcare and later the equalization of its stake in the business and completing the mega-restructuring of the erstwhile Max India into three new listed companies, which received a significantly positive reaction from capital markets. Mr. Talwar was instrumental in executing a stake repurchase transaction with IDFC Limited and more recently a transaction with IFC to repurchase its stake in Max Healthcare. He has also overseen key transactions in MaxVIL, including the induction of Toppan Group as a JV partner in Max Speciality Films, and a 22.5% stake sale to New York Life’s subsidiary.

Mr. Talwar has a wealth of experience in Corporate Finance and Investment Banking, and spent 24 years in Wholesale Banking in Standard Chartered, ANZ Grindlays and Bank of Nova Scotia.


Independent Director

Mr. Kacker, M. Sc. (Physics), University of Allahabad (Topper of the 1972 batch), has more than 3 decades of experience in the Government as an Indian Revenue Service (IRS) Officer. He has served as Chief Commissioner of Income Tax and held senior positions both in executive capacities and policy formulation roles. He has also served as Executive Director with Securities Exchange Board of India (SEBI) and in various capacities in committees set up by SEBI. He is the Founder and Managing Partner of A.K. Advisors and Consultants, an Advisory Company in the area of financial services and Group Advisor with the India Bulls Group of Companies.

Ms. Sujata Keshavan guha

Independent Director

Ms. Sujata Keshavan is the co-founder and Creative Director of Varana, the first luxury brand from India for the world. She is on the Governing Councils of NID and Srishti, India’s two leading design schools. Ms. Keshavan has served on the jury of most major international design competitions including D&AD and Cannes. She was on the World Economic Forum’s Global Council on Design and Innovation from 2012 to 2014.

She founded Ray+Keshavan, India’s first professional design company in 1989. She was Chairman and Creative Director for 25 years and India’s highest paid designer. She is regarded as a pioneer in developing the brand consulting and design industry in South Asia.

Through Ms. Keshavan’s tenure, Ray+Keshavan was consistently ranked India’s no. 1 branding firm, year after year, by the Economic Times. Ray+Keshavan was acquired by British media conglomerate WPP between 2006 and 2012.

She graduated from the National Institute of Design, Ahmedabad in 1984 and from Yale University in 1987 with an MFA in Graphic Design.

Mr. Sahil Vachani

Managing Director and CEO

Mr. Sahil Vachani is Managing Director & CEO, Max Ventures and Industries Limited. He has diverse experience across various sectors including consumer durables and real estate. He started his career as a banker with Citigroup in London, where he worked on Mergers and Acquisitions across the Middle East and Africa region. In 2004, he joined Dixon Technologies, a consumer appliance manufacturing firm as Business Head and setup new verticals across multiple locations and was involved in the launch of new products, setting up of new manufacturing facilities and establishing relationships with leading brands as customers.

His next career progression was in 2008 as Co-founder and Managing Director of Dixon Appliances Pvt. Ltd., where he was responsible for the business from inception including designing of products, building the team, setting up the manufacturing facility, operations and building relationships with leading brands in India such as Panasonic, Godrej, LG, among others. The Company emerged as the single-largest third party contract manufacturer of Washing Machines for the Indian market. In July 2015, Mr. Vachani sold his shareholding in the company to pursue new opportunities.

Mr. D.K. Mittal

Independent Director

Mr. D. K. Mittal is a former Indian Administrative Service (IAS) officer from the batch of 1977 and has served the Government of India in various capacities, including Secretary, Department of Financial Services, Secretary, Ministry of Corporate Affairs and Additional Secretary, Department of Commerce. Mr. Mittal has hands on experience in Infrastructure, International Trade, Urban Development, Renewable Energy, Agriculture Development and Micro-Credit, Corporate Governance, Banking, Insurance, Pension and Finance. He holds a Master’s degree in physics with specialisation in Electronics from the University of Allahabad, India.

Mr. Rahul Khosla

Permanent Invitee

Mr. Rahul Khosla is a seasoned business leader with deep management experience, broad leadership skills and wide business perspectives developed over the last 31 years of working in India and globally. He is currently President of the Max Group, and also serves as Executive President, Max Financial Services; Chairman, Max India; Chairman, Max Life Insurance; and Chairman, Max Healthcare. He also serves on the Boards of Antara Senior Living and Max Bupa Health Insurance Company.

Under his leadership, the Max Group has delivered superior financial performance, significantly grown market capitalization, and concluded seminal corporate transactions. He also led the megarestructuring of the erstwhile Max India into three new listed entities. Before joining Max, Mr. Khosla spent 11 years based in Singapore as the Group Head of Products at Visa Inc for Asia Pacific, Central Europe, Middle East and Africa, following his role at Visa Inc as Chief Operating Officer for the Asia Pacific region. He held several senior roles prior to this – as Country Head for ANZ Grindlays’ consumer banking businesses in India; Head of Retail Assets, Strategy, Finance and Legal at Bank of America.

Mr. Rahul Khosla served as President, NatHealth, India’s leading multi-stakeholder platform for healthcare organizations in 2016 and is the President of the FICCI Committee on Health Services. In addition, he serves on the Executive Board of the Indian School of Business (ISB), one of Asia’s top B-Schools.


Mr. Mohit Talwar Chairman
Mr. K. Narasimha Murthy Independent Director
Dr. Subash Bijlani Independent Director
Mr. Ashok Brijmohan Kacker Independent Director
Mr. Sahil Vachani Director
Mr. Hideharu Maro Additional Director
Mr. Chiharu Komachi Additional Director


Mr. Sahil Vachani Director
Mrs. Tara Singh Vachani Director
Mr. Arjunjit Singh Wholetime Director


Mr. Sahil Vachani Director
Mrs. Tara Singh Vachani Director
Mr. Alok Goel Director


Mr. Sahil Vachani Director
Mr. Alok Goel Director
Mr. Nitin Kumar Kansal Director

Max India Foundation

Mr. Analjit Singh Managing Trustee
Ms. Archana Pandey Trustee
Mr. P. Dwarakanath Trustee
Mr. Rajesh Sud Trustee
Mr. Rajit Mehta Trustee
Ms. Sujatha Ratnam Trustee