National
Subramanian Swamy's PIL alleging massive scam involving transactions not maintainable: Axis Bank tells Delhi HC
New Delhi, March 13 (IANS) Axis Bank on Wednesday took objection to BJP leader, Subramanian Swamy’s PIL before the Delhi High Court seeking a comprehensive probe into an alleged fraud involving undue profits through the sale and purchase of shares, violating regulatory guidelines and causing financial harm.
The PIL was heard by the Division Bench of Acting Chief Justice Manmohan and Justice Manmeet Pritam Singh Arora.
Senior counsels representing Axis Bank and Max Life, contended that the PIL was not maintainable.
They argued that the dispute at hand pertained to a commercial transaction between private entities and did not warrant judicial intervention.
Senior Advocate Mukul Rohatgi, representing Axis Bank and its affiliates, said that the PIL failed to specify the class of individuals it aimed to benefit, suggesting that aggrieved shareholders, if any, were capable of pursuing legal recourse independently.
Similarly, Senior Advocate Neeraj Kishan Kaul, representing Max companies, argued that the transaction under scrutiny was purely a commercial arrangement, already screened by the sector regulator.
The counsel for the Insurance Regulatory and Development Authority of India (IRDAI) disclosed that the regulatory body had already imposed a possible penalty regarding the contested transaction.
Responding to these assertions, Senior Advocate Rajshekhar Rao, representing the petitioner, argued that the matter merited broader examination.
The Bench, after hearing the arguments, has scheduled the next hearing on April 3.
Senior Advocate Rohatgi had earlier said that he had not received an advance copy of the petition, prompting the court to adjourn the case to March 13 after the BJP leader’s counsel provided a copy to him.
The PIL accuses Axis Bank of making “undue gains” through transactions in the shares of Max Life Insurance.
Senior leader Swamy has sought the court’s directions to form a committee consisting of experts to investigate the ‘fraudulent’ acts of Max Life and MFSL in allowing their shareholder (Axis Bank Ltd.) and its group companies — Axis Securities Ltd. and Axis Capital Ltd — to make undue profits/gains from the purchase and sale of equity shares of Max Life in a non-transparent manner.
The PIL says that the profits were made by violating the directions of the IRDAI. The former MP has called it an issue of national importance concerning the financial security of innumerable citizens of the country.
He has claimed that Axis Bank gained unlawfully from purchasing Max Life shares below fair market value, resulting in approximately Rs 4,000 crore in profits.
He has criticised the penalty imposed by IRDAI on Max Life as negligible compared to the total fraud alleged in the case.
“The rot prevalent in the private sector banks is required to be brought to light, in so far as the acts of the respondents — Axis Bank Ltd., Axis Securities Ltd., Axis Capital Ltd., MFSL and Max Life Insurance Co. Ltd. — in handing over the management of bank(s) to non-banking professionals, which is further complicated as some executive board member(s) having no banking experience are attempting to acquire shareholding in Max Life by unfair and non-transparent ways, using their experience in the insurance sector to manipulate the records and valuations to serve their interests,” the PIL read.
“There is clear misrepresentation by the respondents before the IRDAI, as also non-compliance with its directions, so as to obtain prior approval for transfer of the shares,” the PIL added.
Besides praying for a probe by a committee of experts appointed by the court, the senior leader has also sought the formulation of proper and comprehensive guidelines in accordance with the recommendations of such a committee, to prevent future acts/transactions of such nature and to regulate the arrangements entered into by banks or other financial/insurance institutions.
–IANS
spr/rad
National
Defence Ministry: Year 2025 will be year of reforms
On Wednesday, the Defence Ministry announced that 2025 will be designated as the “Year of Reforms,” with a primary focus on establishing integrated theatre commands to enhance collaboration among the three branches of the military.
These reforms are aimed at transforming the armed forces into a technologically advanced, combat-ready force capable of executing multi-domain integrated operations, the ministry stated.
The initiative will emphasize emerging domains such as cyber and space, alongside cutting-edge technologies like artificial intelligence, machine learning, hypersonics, and robotics.
Defence Minister Rajnath Singh described the “Year of Reforms” as a pivotal milestone in the modernization of the armed forces.
“It will set the stage for significant advancements in the nation’s defense capabilities, ensuring the security and sovereignty of India in the face of 21st-century challenges,” he said.
National
A 3.2 magnitude tremor struck Gujarat’s Kutch district on Wednesday morning
A 3.2 magnitude tremor struck Gujarat’s Kutch district on Wednesday morning, according to the Institute of Seismological Research (ISR).
The district administration reported no casualties or property damage following the quake.
The tremor occurred at 10:24 am, with its epicenter located 23 kilometers north-northeast (NNE) of Bhachau, as per the Gandhinagar-based ISR.
Last month, the region experienced four seismic events exceeding a magnitude of 3, including a 3.2 magnitude tremor just three days ago, with its epicenter also near Bhachau.
Earlier tremors in the area included a 3.7 magnitude earthquake on December 23 and a 3.2 magnitude event on December 7, according to ISR reports.
Kutch was also jolted by a 4.0 magnitude earthquake on November 18, 2024. On November 15, a 4.2 magnitude quake hit Patan in north Gujarat, based on ISR data.
Gujarat is considered a high-risk earthquake zone, having experienced nine major earthquakes over the past 200 years, according to the Gujarat State Disaster Management Authority (GSDMA). The 2001 earthquake in Kutch, which occurred on January 26, was the third-largest and second-most destructive in India in the last two centuries, according to the GSDMA.
National
Diljit Dosanjh faces legal action over concert songs
Singer and actor Diljit Dosanjh’s much-anticipated New Year’s Eve concert in Ludhiana faced legal hurdles after a complaint was filed by Punditrao Dharenavar, an assistant professor from Chandigarh.
Following the complaint, the Deputy Director of the Women and Child Department, Government of Punjab, issued a formal notice to Ludhiana’s District Commissioner, urging them to prohibit Dosanjh from performing specific songs during his live show on December 31, 2024.
The notice specifically targets songs accused of promoting alcohol, including Patiala Peg, 5 Tara Theke, and Case (Jeeb Vicho Feem Labbiya), even if the lyrics are slightly modified. The complaint points to previous warnings issued to Dosanjh by various commissions advising against performing these controversial tracks.
Despite these warnings, the singer allegedly continues to perform the songs with minor alterations. Dharenavar raised serious concerns about the influence of such music on young audiences, especially when minors are present at live events.
Adding to the controversy, Dharenavar referenced a 2019 Punjab and Haryana High Court ruling, which directed law enforcement to ensure that songs promoting alcohol, drugs, or violence are not played at public events, including concerts. This ruling underscores the legal basis for the complaint and has further intensified the scrutiny surrounding the event.
National
UP Minister’s convoy overturns, 5 person injured
Five people sustained injuries when a vehicle in the convoy of Uttar Pradesh Minister and Nishad Party chief Sanjay Nishad overturned into a ditch near Januan village in the Khejuri Police Station area of Ballia district late last night.
Sanjay Nishad shared details of the incident, stating that the accident injured five party workers, including four women.
“I was traveling with the convoy to participate in the Constitutional Rights Yatra organized by the party on Tuesday night. Near Januan village in the Khejuri area, one of the vehicles following the convoy lost control while trying to avoid an animal and overturned into a ditch,” Nishad explained.
The injured individuals have been identified as Rakesh Nishad, Ramrati, Usha, Geeta, and Iravati Nishad.
Senior police and administrative officials quickly arrived at the scene following the incident to oversee the situation.
National
Suchir Balaji’s mother alleges Murder
The mother of Suchir Balaji, a 26-year-old former OpenAI researcher found dead after accusing the company of copyright violations, has alleged that her son was “murdered” and called for a Federal Bureau of Investigation (FBI) probe.
Poornima Rao, Suchir’s mother, claimed her son’s death was a “cold-blooded murder” that authorities wrongly ruled as suicide. She further disclosed that a private autopsy report conflicted with the findings of the initial police investigation.
Rao alleged that her son’s apartment had been “ransacked” and cited evidence of a struggle in the bathroom, including bloodstains that suggested he had been assaulted.
“We hired a private investigator and conducted a second autopsy to uncover the truth. The private autopsy does not confirm the cause of death stated by the police. Suchir’s apartment was ransacked, there were signs of a struggle in the bathroom, and it appears he was hit based on blood spots. This is a cold-blooded murder being misclassified as a suicide. Lobbying in San Francisco won’t deter us from seeking justice. We demand an FBI investigation,” Rao wrote on X.
Elon Musk reacted to Rao’s post, commenting, “This doesn’t seem like a suicide.”
Balaji was discovered dead in his San Francisco apartment months after accusing OpenAI of violating copyright laws during the development of ChatGPT, as reported by Fox News. Despite these claims, the San Francisco Police Department found no evidence of foul play and ruled the death a suicide.
On October 24, shortly before his death, Balaji voiced doubts about the “fair use” defense in generative artificial intelligence. “I recently participated in a NYT story about fair use and generative AI, and why I’m skeptical ‘fair use’ would be a plausible defense for a lot of generative AI products,” he wrote on X.
-
Video2 years ago
PM Modi Attacks Congress in Karnataka with “Kerala Story”
-
Politics2 years ago
Siddaramaiah & DK Shivakumar sworn in as Chief Minister & Deputy CM respectively
-
Cricket2 years ago
CSK players rejoice 5th IPL title with their families (Pics)
-
Entertainment2 years ago
Karan Deol weds his longtime Girlfriend Drisha Acharya (Pics)
-
Sports7 years ago
History Of Official FIFA WORLD CUP Match balls
-
India2 years ago
Ashwini Vaishnaw: Railway Board recommends CBI probe in the Odisha railway disaster
-
Entertainment2 years ago
Urvashi Rautela dazzles on Cannes 2023 red carpet (Pics)
-
Entertainment2 years ago
Sunny Leone gets ready for Kennedy premiere in Cannes (Pics)