The Mumbai Bench of the National Company Law Tribunal (NCLT) has issued contempt notices and has given two weeks’ time to Amitabh Chaudhry, Managing Director and CEO of Axis Bank, and Zareen Daruwala, CEO, Standard Chartered Bank India, along with Ramesh Bawa and his wife to respond. It also posted the matter for further hearing for June 7. The Ministry of Corporate Affairs had, on Thursday, filed a contempt petition against Bawa, the former Managing Director and CEO of IL&FS Financial Services, alleging that he had transferred assets from his bank accounts to those of his wife Ashakiran and daughter Akanksha, violating a previous order of the NCLT.
