News That Matters

Tag: Bawa

NCLT issues notices to Axis, StanC, Ramesh Bawa kin

NCLT issues notices to Axis, StanC, Ramesh Bawa kin

Finance
MUMBAI: A Mumbai bench of the National Company Law Tribunal (NCLT) has issued notices to the CEOs of Axis Bank and Standard Chartered Bank on a plea by the Ministry of Corporate Affairs (MCA) after it was found that former IL&FS executive Ramesh Bawa had transferred Rs 1.14 crore from his bank accounts to the accounts of his wife and daughter despite the court ordering the freezing of his accounts. Investigations by the MCA showed that Rs 1.14 crore were was transferred from Ramesh Bawa’s account to the accounts of his wife Asha Kiran and daughter Akansha after the court had ordered the freezing of his accounts on December 3. Besides the withdrawal of money the lockers in the name of Bawa were also opened in Axis and Standard Chartered Bank, some as late as March 27 2019. “It is clear