Sacked fund manager sends legal notice to Axis AMC citing wrongful termination

Viresh Joshi, the erstwhile chief trader and fund manager of Axis Asset Management Company who was sacked on May 18 for alleged wrongdoings, has sent a legal notice to the mutual fund firm citing wrongful termination. 

The legal notice was sent a couple of days after he was terminated with immediate effect. 

“We are in communication with Axis MF on behalf of our client Mr. Viresh Joshi and have duly replied to the unlawful termination notice," said Chirag Shah, counsel, Mansukhlal Hiralal & Co. 

On May 18, a statement from Axis AMC stated: “Further to our ongoing investigation, his conduct and following the decision to suspend him, the employment of Mr Viresh Joshi (Chief Trader & Fund Manager) with Axis AMC has been terminated with effect from May 18, 2022 and he will no longer have any association whatsoever with Axis AMC and Axis Mutual Fund. Accordingly, Mr Viresh Joshi ceases to be a Key person of Axis AMC”. 

Meanwhile, a day after sacking Joshi, Axis AMC also sacked fund manager Deepak Agrawal, who was earlier suspended along with Joshi. Both the sackings were done with immediate effect. 

“The notice, among other things, highlights the fact that the termination was done with immediate effect and there was no show cause notice sent. There was no opportunity for the accused to present his case,” said a person familiar with the development. 

"Axis AMC has already provided an update on termination of employment of Mr. Viresh Joshi effective May 18, 2022. Axis AMC has no further comments at this stage," said the fund house while responding to a query by Business Today.