Banking Daily News: 21th AUG 2023

Axis Bank Fined ?40L Over Non-disclosure

The Competition Commission of India (CCI) has fined Axis Bank ?40 lakhs for not notifying its 9.91% stake acquisition in CSC e-Governance. Despite the acquisition being completed in November 2020, it was not reported as mandated by the competition law. Axis Bank's contention of a bona fide error was dismissed by the CCI.

Key Facts:

• CCI fines Axis Bank ?40 lakhs for non-disclosure.
• Bank acquired 9.91% stake in CSC e-Governance in 2020.
• Penalty to be settled within 60 days from August 9.
• "Gun jumping" concept underlines importance of timely notifications.
• CCI dismisses Axis Bank's claim of a bona fide error.

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