The Madras High Court has passed an injunction preventing Axis Bank from taking any steps for recovery from Rajhshree Sugars. The order comes after the High Court heard the appeals of both parties.
Rajshree Sugars had filed a case against Axis Bank, alleging that the forex derivative product sold to them by the bank did not take care of their needs.
The currency involved and the quantum of losses is not known yet. The next hearing of the case is expected to come at the end of this month.
2008-04-12 11:35:32 Source : CNBC-TV18
www.moneycontrol.com
About Me
- Kamal Kumar Pandey (Adv. Supreme Court of India)
- Lawyer Practising at Supreme Court of India. Court Experience: Criminal, Civil & PIL (related to Property, Tax, Custom & Duties, MVAC, insurance, I.P.R., Copyrights & Trademarks, Partnerships, Labour Disputes, etc.) Socio-Legal: Child Rights, Mid Day Meal Programme, Sarva Shiksha Abhiyaan, Women Rights, Against Female Foeticide, P.R.Is, Bonded Labour, Child labour, Child marriage, Domestic violence, Legal Literacy, HIV/AIDS, etc. Worked for Legal Aid/Advise/Awareness/Training/Empowerment/Interventions/Training & Sensitisation.
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