Axis Fund Manager suspension Case: Terminated fund manager sends legal notice to Axis Mutual Fund

Viresh Joshi, ex-fund manager and chief dealer at Axis Mutual Fund, has sent a legal notice to the fund house against his ‘unlawful termination’. “We are in communication with Axis Mutual Fund on behalf of our client Mr Viresh Joshi and have duly replied to the unlawful termination notice,” said Chirag M. Shah, Counsel, Mansukhlal Hiralal & Co,

Joshi has hired Mansukhlal Hiralal & Company, a law firm based in Mumbai, to fight his case against Axis Mutual Fund. He was terminated from his role at Axis MF following an internal investigation on allegations of front-running.

Axis Mutual Fund released a statement on May 19 which had stated that “Axis AMC has been conducting a suo moto internal investigation since February 2022, using reputed external advisors to assist with this ongoing investigation. Further to our investigation, his conduct and following the decision to suspend him, the employment of Mr. Viresh Joshi has been terminated with effect from May 18, 2022.”

According to a report published in ET on Thursday, Axis Mutual Fund has hired Deloitte as a second investigator in the front-running case after the fund widened the scope of the probe.