SAT denies relief to Axis Bank in Karvy case, asks it to approach Sebi

Lender had approached tribunal seeking shares pledged by Karvy to it be unfreezed, saying the clients who owned the securities owed money to Karvy and therefore the pledge was good in law

The Securities Appellate Tribunal (SAT) has denied relief to Axis Bank in the Karvy case. The private lender had approached the tribunal seeking the shares pledged by Karvy to the bank be unfrozen, so that it invokes the pledges.

On Tuesday, the SAT Bench comprising of Justice Tarun Agarwala, Justice MT Joshi, and Dr C K G Nair, observed that "though the learned senior counsel for the appellant seeks to suggest a solution stating that some of the investors, in fact, owe dues to Karvy and hence, securities to the extent of such dues rightly belonging to Karvy at least could