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The Securities Appellate Tribunal has allowed Axis Bank to sell certain securities to recover dues worth up to ₹21.61 crore in the Modex International Securities Ltd case.
These securities have to be sold within one month and after recovery of the dues, “surplus, if any, would be returned to the clients immediately thereafter”, it said in an order dated July 3.
Axis Bank, in its capacity as a professional clearing member, had appealed against an order by the National Stock Exchange in the Modex International case. The bourse had directed Axis Bank to release certain securities that were owned by the bank since those securities had been legally transferred to its account.
The Bank had cleared the trading of Modex International.
In its plea filed in June, Axis Bank said that it had submitted a list of securities to the NSE in January 2020 stating that those securities are given by clients of Modex and have dues pending in favour of the company. Therefore, Axis Bank sought to liquidate certain shares to recover its entitled amount of ₹21.62 crore.
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