Subramanian Swamy, a prominent figure within the Bharatiya Janata Party (BJP), has taken legal action against Axis Bank, alleging a financial irregularity worth ₹1,500 crore. The BJP leader’s petition, filed in the Delhi High Court, asserts that Axis Bank has profited unfairly from transactions involving shares of Max Life Insurance, according to a report by Bar and Bench.
The petition specifically targets what Swamy describes as “blatant” fraud within Max Life Insurance and Max Financial Services. It alleges that these entities enabled Axis Bank and its affiliated companies—Axis Securities Ltd and Axis Capital Ltd—to reap undue profits from the buying and selling of Max Life shares, in violation of regulations set forth by the Insurance Regulatory and Development Authority of India.
Acting Chief Justice Manmohan and Justice Manmeet Pritam Singh Arora presided over a brief hearing on the matter. The court adjourned proceedings to March, following a statement by senior lawyer Mukul Rohtagi, representing Axis Bank. Rohtagi informed the bench that he had not received advance notice of the petition, despite a mail being sent to him. However, he noted that the attachment containing the petition was inaccessible.The court has scheduled a further hearing for March 13, indicating that the case will be given due consideration at that time.
