Axis Bank, Max Life Insurance Say All Necessary Regulatory Approvals Obtained in Response to Subramanian Swamy's PIL

Axis Bank said on Thursday that it has obtained all necessary regulatory approvals in connection with the purchase of shares of Max Life Insurance with regard to the public interest writ petition filed by BJP leader Subramanian Swamy.

A public interest writ petition has been filed by Subramanian Swamy against the Union of India, Axis Bank Limited (Axis Bank), Axis Securities Limited, Axis Capital Limited and others before the Delhi High Court in connection with the sale/purchase of shares of Max Life Insurance Company Limited.

“Axis Bank has obtained all necessary regulatory approvals in connection with these transactions. We will also take the required steps to defend Axis Bank against any unfounded allegations. Axis Bank believes that there is no material impact of the allegations being levelled against Axis Bank in connection with the said transactions," it said.

"Axis Bank adheres to highest standards of legal and regulatory compliance, and we are committed to take actions in compliance with applicable laws," it added.

Max Financial Services said in a filing, “In this regard, we would like to state that the shares transactions being highlighted were consummated post taking appropriate approvals from the respective regulators viz. RBI, IRDAI and CCI, wherever applicable."

“Further, in line with the letter dated August 31, 2023, submitted to the stock exchanges by the company, we would like to reiterate that the company had taken appropriate approvals from its shareholders in 2020 (with 99.99 per cent affirmative voting from the shareholders) for cementing the long-term strategic partnership with Axis Bank in respect of Max Life, which included certain transfer of shares of Max Life, and that all adequate disclosures have been made in this regard," the company said.

“We would like to further state that with regard to the transactions involving shares of Max Life between the company and Axis Bank, SEBI has sought various details/clarifications from the company and Max Life and the requisite details have been submitted by the company to SEBI for its consideration, from time to time as advised by SEBI.

"We believe that there is no legal or regulatory anomaly in the transactions and due process of law has been followed. The company and Max Life shall take all requisite legal recourse to defend the matter before the court," the company said.