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The NCLT held that the Resolution Professional does not have adjudicatory powers to invalidate or challenge the charges based on an absence of NOC.
Axis bank contravened S. 19(1)(a) of the Banking Regulation Act as one of its wholly owned subsidiaries was engaged in an impermissible business as per S. 6 of the Act.
Shares have been acquired in Northern Arc, MG Motors, Greenko ZeroC, Nagarjuna Fertilizers, Annapurna Finance, Sharekhan, Human Value Developers, Pritam International Private Limited and Max Life Insurance.
The fair trade watchdog, Competition Commission of India, approved the subscription of 16.22 per cent equity shares of Max Life Insurance Company
The appropriate process was not done and like a highway robber NSDL through illegal directions from SEBI transferred the pledged shares which were fungible, to the clients of Karvy which action was without any authority of law.
On 23-6-2023, the Reserve Bank of India (‘RBI’) imposed a penalty of Rs. 30 lakhs on Axis Bank Ltd. for non-compliance with
The clauses in the Information Memorandum are based on the Master Circular which is issued by the Reserve Bank under its statutory powers. Information Memorandum and its clauses refer to Master Circular. The said Information Brochure has a statutory flavour. In that event, the agreement would have a statutory base and such an agreement can certainly be enforceable.
Supreme Court: In a review petition filed by Axis Bank against Supreme Court’s judgment in Vidarbha Industries Power Ltd. v.