NEWS & ADVICE : CREDIT CARDS
RBI relaxation sought in Axis-Enam deal
By Ankit Sharma
Jul 25, 2011
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Private sector lender Axis Bank has requested regulator Reserve Bank of India for some modifications in the conditions it has laid regarding its deal with Enam securities.

Although the bank had received approval from the regulator in this regard, there were certain conditions mentioned by the apex bank on which Axis Bank needs some relaxation. This is because, unless relaxations are offered, it is likely that the tax burden on the bank is going to increase manifold.

"Upon examining the implications of these conditions, the bank has sought certain modifications to the approval granted by RBI. Pending the receipt of the necessary approvals, no effect of the acquisition has been given to the financials for the quarter ended June 30, 2011," read a statement by the bank.

Executive director and CFO of the bank, Mr Somnath Sengupta was however not open to let out any further details in this regard.

He has however said that delays in deal closure have not yet affected both parties in terms of business.


 


(Comments Posted : 1) Post Your Comments
1. when the benifits are received by the bank why they cant pay tax. They are playing games now. first they done the deal and now crying like pigs. i believe the CEO and CFO should be arrested and should be behind the bars. Our RBI Governer should take a tough standz.
sumesh (Posted: Aug 2, 2011)
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