IL&FS case: NCLT seeks presence of Axis Bank, StanChart CEOs

Last Updated: Tue, Nov 26, 2019 10:50 hrs
A logo of IL&FS (Infrastructure Leasing and Financial Services Ltd.) is seen on a building at its headquarters in Mumbai

Mumbai: The National Company Law Tribunal's (NCLT) Mumbai bench has directed the CEOs of Axis Bank and Standard Chartered Bank to be present in the next hearing of the IL&FS matter on December 16.

Hearing a contempt petition against Amitabh Chaudhry and Zarin Daruwala, the CEOs of Axis Bank and Standard Chartered Bank, respectively, the tribunal on Monday observed that both the executives have not presented themselves before the bench.

Axis Bank said that it would take "appropriate" steps after receiving the order.

"The matter pertains to operations of these accounts in the Bank's branch. The Bank has high respect for all court/tribunal orders. Bank denies the allegations and on receipt of the NCLT Order, Bank will take appropriate steps," an Axis Bank spokesperson said.

A Standard Chartered India spokesperson said: "We are yet to receive the copy of the order. Upon review of the contents of the order, we will decide the way forward."

The case pertains to the two banks allegedly allowing of Ramesh Chandra Bawa, former IL&FS Financial Services (IFIN) head and his family to withdraw money from their accounts in these banks and also to access the lockers even after the accounts were frozen by the NCLT.