New Delhi, Feb. 15 -- Former Rajya Sabha MP Subramanian Swamy on Thursday moved the Delhi High Court seeking direction to form a Committee consisting of experts to investigate alleged fraudulent acts of M/s Max Life Insurance Co. Ltd and M/s Max Financial Services Ltd in allowing their shareholder/Axis Bank Ltd and its group companies viz. Axis Securities Ltd and Axis Capital Ltd to make undue profits/gains from the purchase and sale of equity shares of Max Life in non-transparent manner.

Plea also submitted that the acts on part of the concerned respondents also amount to sheer misuse of the dual relationship of the Axis Bank Limited through its chairman as a shareholder, as well as a corporate agent of Max Life and MFSL. There is a cle...