Board of Directors


Founder & Chairman Emeritus, Max Group Chairman, Max Ventures and Industries Limited

Mr. Analjit Singh is the Founder and Chairman Emeritus of The Max Group, a US$ 3 billion multi-business enterprise, with interests in life insurance (Max Life), health care (Max Healthcare), health insurance (Max Bupa), senior living (Antara), speciality packaging (Max Speciality Films) and real estate (Max Estates). Max Group is renowned for service excellence and has successful joint ventures with some of the pre-eminent firms including Mitsui Sumitomo and Toppan from Japan, Life Healthcare from South Africa and Bupa Plc from the United Kingdom. Earlier partners include DSM, Netherlands; New York Life Insurance Company; Hutchison Whampoa; Motorola; Lockheed Martin and others.

Amongst private family owned businesses, Mr. Analjit Singh is the founder of Leeu Collection, a group of leisure boutique hotels in Franschhoek, South Africa; The Lake District, UK ; and soon to come in Florence , Italy . The Leeu Collection also includes a significant presence in wine and viticulture through Mullineux Leeu Family Wines; an active F&B portfolio of restaurants and partnerships with Ritu Dalmia, La Colombe in the Cape SA and the Alajmo Group in Italy. Art and Landscaping are also major pillars with a strong relationship with Everard Read, SA.

A self-made entrepreneur Mr. Analjit Singh was awarded Padma Bhushan, India’s third highest civilian honour, by the President of India in 2011.

An alumnus of The Doon School and Shri Ram College of Commerce, University of Delhi, Mr. Analjit Singh holds an MBA from Graduate School of Management, Boston University. He has been conferred with a honorary doctorate by Amity University.

Professionally, he is the non-executive Chairman of Max Ventures and Industries, Vodafone India and a Director on the board of Sofina NV/SA, Belgium.

Mr. Analjit Singh is a member of the Founder Executive Board of the Indian School of Business (ISB), India’s top ranked B-School, and has served as Chairman of Board of Governors of the Indian Institute of Technology (IIT), Roorkee- India’s oldest and most prestigious engineering college. He also served as Chairman of the Doon School.

Mr. Analjit Singh is a member of the Prime Minister’s Indo UK CEO council. In past he has also served on the Prime Minister’s Indo US CEO council. Mr. Analjit Singh has also served as the co-chair of Prabodhan, a unique forum for facilitating closer and more effective engagement between European and Indian decision makers and opinion leaders.

He has been felicitated by Senator Hillary Clinton, former US Secretary of State on behalf of Indian American Centre for Political Awareness for his outstanding achievement in presenting the international community with an understanding of a modern and vibrant India and for creating several successful joint ventures with leading American companies and promoting business ties with the USA.

He has been honoured with the Ernst and Young Entrepreneur of the Year Award (Service Category) and the Golden Peacock Award for Leadership and Service Excellence. In 2014 he was awarded with Spain’s second highest civilian honour, the Knight Commander of the Order of Queen Isabella and the Distinguished Alumni Award from Boston University.

He also serves as the Honorary Consul General of the Republic of San Marino in India from October 2007 till August 2018.



Mr. Arthur H. Seter, is a 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 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 over 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 designation from the Institute of Chartered Financial Analyst, USA.


Vice Chairman

A veteran in the Corporate Finance and Investment Banking industry, Mr. Mohit Talwar has a wealth of experience in Corporate Finance and Investment Banking, having spent 24 years in Wholesale Banking across global organizations such as Standard Chartered, ANZ Grindlays and Bank of Nova Scotia, prior to joining the Max Group.

He is currently the Managing Director of Max Financial Services Limited and Max India Limited, 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 Health Insurance and Antara Senior Living.

In his earlier role 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 and Life Healthcare’s entry as JV partner in Max Healthcare, and later the equalization of its stake in the business, and completing the megarestructuring of the erstwhile Max India into three new listed companies, which received a significantly positive reaction from capital markets. In his new role, 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.


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.


Independent Director

Mr. K. Narasimha Murthy, is a Fellow of the Institute of Cost and Works Accountants of India and the Institute of Chartered Accountants of India. 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 numerous 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.


Managing Director and CEO

Mr. Sahil Vachani is the Managing Director and CEO of Max Ventures and Industries Limited (MaxVIL), and was recently appointed as a Director on the Boards of Max Financial Services Limited and its subsidiary Max Life Insurance. He joined the Boards of these companies as a representative of the Owner Sponsor Group led by Mr. Analjit Singh.

Sahil joined the Max Group in 2016 with a focus on creating a powerful Real Estate brand – Max Estates Limited, and steering MaxVIL’s other businesses towards growth. He has diverse expertise across various sectors including consumer durables and real estate.

Since assuming his role at MaxVIL, he has successfully completed two key transactions which will have an enduring impact on the Company’s growth journey over the next few years. The first is the sale of a 22.5% stake in MaxVIL to a subsidiary of New York Life Insurance Company in January 2017; and second, the induction of Toppan Printing Co. Ltd, Japan (Toppan) as a strategic partner with 49% stake in MaxVIL’s legacy manufacturing business – Max Speciality Films Ltd. (MSF).

Besides MSF, he is currently overseeing two new business verticals under MaxVIL – Max Estates and Max I. Max Estates focuses on Grade-A commercial spaces. Its flagship project Max Towers, a prime commercial tower of ~0.6 million sq. ft. located on the Delhi-Noida Direct flyway, will be ready in 2018 and work on the second project, the redevelopment of Max House in Okhla, New Delhi is set to commence in FY2019. The other vertical, Max I., facilitates intellectual & financial Capital to promising and proven early-stage organizations across identified sunrise sectors. So far, it has made investments in Azure Hospitality Pvt. Ltd., which owns and operates successful F&B brands such as Mamagoto and Dhaba, and FSN E-Commerce Ventures Pvt. Ltd, which owns and operates the leading online beauty destination


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 Science with specialisation in Physics 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 35 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 mega-restructuring of the erstwhile Max India into three new listed entities. Before joining Max, Mr. Khosla spent more than a decade 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 that – as Country Head for ANZ Grindlays’ consumer banking businesses in India; Head of Retail Assets, Strategy, Finance and Legal at Bank of America; CFO for the American Express TRS businesses for India and South Asia, and as a Business Leader to help set up a pioneering in-house global processing facility for American Express.

Mr. Khosla served as President, NatHealth, India’s leading multi-stakeholder platform for healthcare organisations in 2016 and as the Chair of the FICCI Committee on Health Services in 2017. In addition, he serves on the Executive Board of the Indian School of Business (ISB), one of Asia’s top B-Schools.

He is a Fellow member of the Institute of Chartered Accountants of India, an Economics graduate from St.Stephens College, Delhi and completed his schooling at St. Xavier’s in Delhi.


Mr. Mohit Talwar Chairman
Mr. Chiharu Komachi Director
Mr. K. Narasimha Murthy Independent Director
Mr. Subash Khanchand Bijlani Independent Director
Mr. Takao Ikeda Additional Director
Ms. Sonu Halan Bhasin Additional Director (Independent)
Mr. Sahil Vachani 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. Rohit Rajput Additional Director


Mr. Sahil Vachani Director
Mr. Rohit Rajput Additional Director
Mr. Nitin Kumar Kansal Director


Mr. Kishansingh Ramsinghaney Additional Director
Mr. Rohit Rajput Additional Director
Mr. Nitin Kumar Kansal Additional Director