Kopar Khairane

Max Life Insurance and Axis Bank claim to have received all the regulatory clearances in response to Subramanian Swamy’s PIL

<p>Axis Bank said on Thursday that, in relation to the public interest writ case submitted by BJP leader Subramanian Swamy, it has received all required regulatory clearances in connection with the acquisition of shares of Max Life Insurance.</p>
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<p>In relation to the sale or acquisition of shares of Max Life Insurance Company Limited, Subramanian Swamy has filed a public interest writ suit before the Delhi High Court against the Union of India, Axis Bank Limited (Axis Bank), Axis Securities Limited, Axis Capital Limited, and others.</p>
<p>“Axis Bank has all the regulatory clearances required for these transactions. In addition, we’ll take the necessary actions to protect Axis Bank from any false accusations. According to Axis Bank, the accusations made against it in relation to the aforementioned transactions had no discernible effect on the bank.</p>
<p>“Axis Bank is dedicated to taking actions in compliance with applicable laws, and we adhere to the highest standards of legal and regulatory compliance,” the statement said.</p>
<p>In this regard, Max Financial Services said in a filing that the share transactions that were highlighted were completed after obtaining the necessary permissions from the relevant authorities, namely the RBI, IRDAI, and CCI, where applicable.</p>
<p>Furthermore, the company reiterated that it had received the necessary approvals from its shareholders in 2020 (with 99.99 percent of them voting in favor) for the company to cement the long-term strategic partnership with Axis Bank in relation to Max Life, which included certain transfers of Max Life shares, and that all necessary disclosures had been made in this regard. This was in accordance with the letter dated August 31, 2023, which the company submitted to the stock exchanges.</p>
<p>We would also like to clarify that, in relation to the transactions involving shares of Max Life between the company and Axis Bank, SEBI has requested a number of clarifications and details from both the company and Max Life. The necessary information has been provided by the company to SEBI on an as-needed basis for consideration.</p>
<p>“We think that the transactions have been conducted legally and in accordance with regulations, and that due process has been observed. The business and Max Life will pursue all necessary legal avenues to fight the case in court, the statement said.</p>