Fund manager and Chief Dealer at Axis Mutual Fund, Viresh Joshi, who was sacked last fortnight, has served a legal notice to the company challenging what he terms as his illegal termination.
Joshi was first suspended and later relieved of his charge on May 18, as per a statement issued by the AMF on May 19, for his purported role against allegations of 'front-running' (or, tailgating) at the company which conducted an internal probe into the matter.
He has hired leading law firm, Mansukhlal Hiralal & Co. to challenge his termination order.
Confirming the development, lawyer Chirag M. Shah told IANS: "We are in communication with Axis Mutual Fund on behalf of our client Viresh Joshi and have duly replied to the unlawful termination notice."
Shah added that AMF terminated Joshi unceremoniously on unsubstantiated charges of alleged 'front-running' and he has sent a notice to the company against the unlawful termination.
The AMF further stated that it had been conducting a suo moto internal investigation into the issue since February 2022 using a reputed external advisor to assist with the ongoing probe.
"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," said the company.