RBI relaxation sought in Axis-Enam deal
By Ankit Sharma
Jul 25, 2011
Print    Email    RSS   

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)
Show All Comments
 Select a product:

 Select a product:

Are cash-back credit cards a real good deal?
A chronicle of excesses by loan recovery...
Importance of reviewing your credit report
South Indian Bank launches Mobile banking...
HDFC Bank sets up common phone banking no.

Good Morning, i forgot my FCMB Account Number and...
Radhey@09646870399 @Escoℛts In#Chandigarh...
Radhey@09646870399 @Escoℛt In#Chandigarh...

91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive