IL&FS: NCLT threatens to get Axis Bank, StanC CEOs arrested

Mumbai: The Mumbai NCLT on Monday issued an ultimatum to the CEOs of Axis Bank and Standard Chartered Bank to be personally present at the next hearing, failing which it will direct the authorities to issue nonbailable warrants against them in a case relating to the IL&FS case.

An NCLT bench headed by Bhaskara Pantula Mohan issued the ultimatum while hearing a contempt petition against Amitabh Chaudhry and Zarin Daruwala of Axis Bank and StanChart India, respectively, for not being personally attending the hearings so far.

The tribunal has fixed the next date of hearing on December 16 and asked Chaudhry and Daruwala to be present. The bench noted that both these bankers never presented themselves before the bench since the issue surfaced last December.

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