On August 12, the Delhi High Court dismissed a public interest litigation (PIL) filed by Bharatiya Janata Party (BJP) leader Subramanian Swamy. The petition, which was directed against Axis Bank, Axis Securities, Axis Capital, and others, concerned the alleged transactions involving shares of Max Life Insurance Company.
Axis Bank disclosed on Tuesday that the court had not admitted Swamy’s PIL, which was originally filed in February. Swamy’s complaint accused the bank of deriving undue profits amounting to ₹5,100 crore from its dealings in Max Life Insurance shares.
According to a regulatory filing from Axis Bank, the High Court acknowledged that relevant sectoral regulators are already addressing the issue and urged the prompt completion of their investigations as per legal requirements.
Axis Bank firmly denies the allegations made in the PIL and maintains that the claims have no substantial impact. The bank reiterated its commitment to upholding the highest standards of legal and regulatory compliance.
The regulatory filing emphasized, “The bank adheres to the highest standards of legal and regulatory compliance, and we are committed to taking actions in compliance with applicable laws.”
