The decision was made on August 12, 2024, following a hearing where arguments from all concerned parties were presented.
The court, led by Acting Chief Justice Manmohan and Justice Tushar Rao Gedela, noted that the matter is already under consideration by the sectoral regulators, including SEBI, RBI, and IRDAI.
The judges directed these regulators to complete their investigations expeditiously and in accordance with the law.
Max Financial Services and Max Life Insurance reaffirmed their commitment to conducting business with the best interests of the company, its stakeholders, and customers in mind.
In a related statement issued on August 12, an Axis Bank spokesperson stated: “The Delhi High Court, after hearing the lengthy argument presented by all parties, declined to admit the PIL filed by Dr. Subramanian Swamy and has disposed of the matter. The High Court also noted that regulators are already seized of this matter and directed that regulators proceed to complete their investigation expeditiously and in accordance with the law. The allegations which were made in the PIL (that now stands disposed of by the High Court) are strongly denied. Axis Bank remains committed to conducting business with transparency, fairness, and a focus on delivering value to our stakeholders.”