Axis Bank Says No Material Impact Of Unjust Gain Allegations In Max Life Share Deals
The private lender said that it has obtained all necessary regulatory approval in connection with these transactions involving shares of Max Life.
Axis Bank Ltd. has clarified that there is no material impact of the allegations made regarding the Rs 5,100 crore unjust gains in Max Life Insurance Co. share deals.
Bharatiya Janata Party leader Subramanian Swamy had alleged that the bank unjustly profited, to the tune of Rs 5,100 crore, through transactions involving shares of Max Life.
The private lender said that it has obtained all necessary regulatory approvals in connection with these transactions involving shares of Max Life.
"We will also take required steps to defend Axis Bank against any unfounded allegations," the bank said in an exchange filing on Thursday. It said that it is committed to taking actions in compliance with applicable laws.
Max Life Insurance also clarified that the share transactions being highlighted were done after taking appropriate approval from the respective regulators.
Regarding the transactions between Max Life and Axis Bank, the Securities and Exchange Board Of India has sought various clarifications and the requisite details have been submitted, Max Life said in a separate exchange filing.
The Public Interest Writ Petition filed by the BJP leader was briefly heard by a bench comprising Acting Chief Justice Manmohan and Justice Manmeet Pritam Singh Arora.
However, the court adjourned the matter to March 13 as Senior Advocate Mukul Rohatgi, representing Axis Bank, informed the court that he had not received a prior copy of the petition.
