HomeBusinessAxis MF gets legal notice from a fired fund manager

Axis MF gets legal notice from a fired fund manager

Viresh Joshi was the Chief Dealer at Axis Mutual Fund and was fired last week. He has sent a legal notice challenging his termination.

Joshi was suspended at first and then released on May 18 after he was cleared of all charges. This statement was issued by AMF on May 19 for Joshi’s role in a probe that took place within the company into Joshi’s allegations of tailgating or front-running.

He has hired leading law firm, Mansukhlal Hiralal & Co. to challenge his termination order.

Chirag M. Shah, a lawyer, confirmed that the development and said to IANS: “We are in communications with Axis Mutual Fund for our client Viresh Joshuai and have duly responded to the unlawful termination notice.”

Shah stated that AMF had terminated Joshi on unsubstantiated charges for alleged front-running and that he has sent a warning to the company about the illegal termination.

AMF also stated that the suo-moto investigation had been ongoing since February 2022. The issue was being assisted by a reputed advisor.

According to the company, “Further our investigation, his conduct, and following the decision of suspending him, the employment contract with Mr. Viresh Joshuai has been terminated effective May 18, 2022.”

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