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Swamy alleges scam in Axis-Max Life deals
Mint Mumbai
|February 16, 2024
Senior BJP leader Subramanian Swamy on Thursday moved the Delhi High Court alleging a scam of nearly ₹15,100 crore in the way Axis Bank sold and purchased shares of insurer Max Life Insurance Company.
Max Life is a joint venture between Max Financial Services and private lender Axis Bank. On 6 February, the Insurance Regulatory and Development Authority of India (Irdai) approved Axis Bank's proposal to purchase another 7% in Max Life for ₹1,612 crore. After this, the Axis group entities will collectively own 19.02% of the insurer, up from less than 13% currently.
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