Max Life Insurance: Delhi HC rejects Swamy’s PIL against Axis Bank
Axis Bank on Tuesday said the High Court of Delhi did not admit a public interest litigation (PIL) filed by Bharatiya Janata Party leader Subramanian Swamy against the Union of India, Axis Bank, Axis Securities, Axis Capital and others in connection with the sale/ purchase of shares of Max Life Insurance Company, and disposed of the matter on August 12.
Axis Bank and its subsidiaries currently own 19.99 per cent stake in Max Life Insurance. Swamy moved the court in February, alleging the bank made undue gains of ₹5,100 crore from transactions in shares of Max Life Insurance.
In a regulatory filing, Axis Bank said the High Court noted that sectoral regulators are already seized of this matter, and directed expeditious completion of investigation in accordance with the law.
Axis Bank said it believes there is no material impact of the allegations made in the PIL, which it strongly denies and which now stands disposed of by the High Court.
“The bank adheres to highest standards of legal and regulatory compliance, and we are committed to take actions in compliance with applicable laws,” the filing stated.