Sacked fund manager demands Rs 54 cr in damages, sues Axis MF

Axis Mutual Fund (MF) has been sued by its former employee Viresh Joshi for wrongful termination. Joshi has also sought Rs 54 crore in damages. His law firm Mansukhlal, Hiralal & Co filed a suit before the Bombay High Court earlier this week. The matter was listed for hearing next week. 

On May 20, Axis MF terminated the employment of Joshi, a chief trader and fund manager, due to alleged irregularities. Axis MF hadn’t cited any reason for the termination.

Joshi’s lawyers claimed the termination to be null and void as due cause had not been shown by the fund