SAT reserves its order in Axis Bank-Karvy Stock Broking matter
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The Securities Appellate Tribunal (SAT) on Tuesday reserved its order in an appeal by private sector lender Axis Bank against the market regulator Securities and Exchange Board of India (Sebi) for not releasing shares pledged by Karvy Stock Broking.
In an earlier order by the tribunal on December 20, Axis Bank was allowed to invoke the pledged shares while the market regulator was directed to restore the pledge made in favour of the other lenders and pay compensation as an alternative within four weeks.
Senior counsel representing Sebi argued that the regulator had filed an appeal before the Supreme Court on December 30 for a stay on the order.
Shares pledged to other lenders like HDFC Bank, Bajaj Finance, ICICI Bank, and IndusInd Bank had been transferred to the clients of Karvy by Sebi and NSDL, and thus the tribunal had ordered compensation to the lenders for these securities.
As Axis Bank had obtained a stay order from the Debts Recovery Tribunal (Hyderabad) on the transfer of pledged shares, these shares were not encashed and remain intact.
An aggregate amount of Rs 80.64 crore, along with interest, was due to Axis Bank from Karvy, while Rs 642.25 crore was the outstanding amount to ICICI Bank, Rs 344 crore to Bajaj Finance, Rs 208.5 crore due to HDFC Bank, and Rs 159 crore to IndusInd Bank, according to the Sebi order dated December 13, 2019.
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