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Government to charge Axis, Standard Chartered, Bawa & wife with contempt of NCLT

PTI     April 25, 2019

The corporate affairs ministry will Friday file contempt of court petitions against Axis Bank and Standard Chartered Bank for their alleged role in ex-IL&FS Financial Services managing director Ramesh Chander Bawa and his wife disposing of a portion of their assets which were frozen by the NCLT.

The ministry is filling two applications and a petition against Bawa and his wife and the banks after it has come to light that the parties have broken the orders of the bankruptcy tribunal.

A bench of VP Singh and Ravikumar Duraisamy had on December 3, 2018, had restrained the former directors of the crippled IL&FS group from mortgaging/selling, or creating third-party interests or in any way alienating movable or immovable or jointly held properties.

However, the NCLT had allowed the former directors of the crippled group to withdraw Rs 2 lakh each per month from one of their bank accounts after intimating the tribunal.

The NCLT has posted the matter for hearing on Friday.

The details of the asset disposals are awaited.

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