HDFC Bank strongly rejects allegations levelled by Mehta Family against MD & CEO Jagdishan
HDFC Bank said that the Mehta Family, through Lilavati Kirtilal Medical Trust, has filed an FIR against the bank and its's MD and CEO Sashidhar Jagdishan in an attempt to thwart the recovery of the long outstanding loan dues owed to the bank.
The bank stated that in 2001, Splendour Gems Limited, owned by the Mehta family, defaulted on loan facilities granted in 1995 by HDFC Bank along with the other consortium banks.
Despite a recovery certificate issued by the Debt Recovery Tribunal in 2004 and subsequent enforcement actions, the dues remain substantially unpaid. The outstanding dues towards HDFC Bank, including interest, amount to approximately Rs 65.22 crore as on 31 May 2025.
In response to ongoing recovery proceedings, members of the Mehta family have initiated multiple legal actions and complaints against HDFC Bank and its senior officials. These include criminal complaints, minority rights petitions, and representations to regulatory authoritiesall of which have been dismissed or are under legal challenge.
It further said that the Mehta Family, once again, through Lilavati Kirtilal Medical Trust, has filed a complaint against HDFC Banks MD & CEO.
The bank has rejected and strongly condemned the malicious and baseless allegations levelled against Sashidhar Jagdishan. It maintained that these allegations are completely false, outrageous and constitute a gross misuse of the legal process.
The private sector lender reiterated its commitment to the highest standards of corporate governance.
HDFC Bank will continue to pursue all lawful remedies to recover public funds and address the retaliatory actions taken by the Mehta family as well as to defend the reputation and integrity of the Bank, its Directors and other employees, the bank said in a statement.
HDFC Bank is India's largest private sector lender. As of 31 March 2025, the banks distribution network was at 9,455 branches and 21,139 ATMs across 4,150 cities/towns, as against 8,738 branches and 20,938 ATMs across 4,065 cities/towns as of 31 March 2024.
The bank has reported 6.68% rise in standalone net profit to Rs 17,616.14 crore even as total income remained flat at Rs 89,487.99 crore in Q4 FY25 as compared with Q4 FY24.
The scrip rose 0.13% to currently trade at Rs 1,981.30 on the NSE.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
35 minutes ago
- Time of India
Long-pending central govt's infra projects in Belagavi back on track
Belagavi: Several long-pending central govt's infrastructure projects in and around Belagavi are finally gaining momentum after years of delay, primarily due to land acquisition hurdles. The breakthrough comes with the combined efforts of DC Mohammad Roshan and Belagavi MP Jagadish Shettar , who took these stalled projects as a top priority. Key among them is the much-awaited Belagavi-Dharwad railway line via Kittur, a 73-km project sanctioned in 2019 during the tenure of former MP and MoS for railways, the late Suresh Angadi. Despite funding from the Centre, the project was held up for years due to land-related issues. However, DC Roshan recently announced that land acquisition is now complete, and the work is expected to commence shortly. The Halaga-Macche bypass highway, a vital route connecting Pune-Bengaluru NH-4 and Belagavi-Goa national highway, sanctioned in 2009, also faced prolonged delay due to legal land disputes. With the district administration actively mediating and convincing landowners, the impasse has been resolved, and construction is underway. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Use an AI Writing Tool That Actually Understands Your Voice Grammarly Install Now Undo Another major infrastructure project, the Belagavi Ring Road was sanctioned in 2018. The Rs 3,800 crore project to be executed in three phases, received Rs 1,622 crore for the first phase of 34 km. DC Roshan recently confirmed that 80% of the land acquisition is now complete. This ambitious project, sanctioned under the Bharatmala project, will help resolve the traffic congestion in Belagavi city. "Most of these projects were delayed despite being sanctioned, because of land-related issues. After I became MP, I prioritised these issues, met Union ministers, held review meetings with officials, and visited the sites. Today, we are seeing the results. I expect the required land to be fully acquired in the next 2-3 months and the tender process to begin within 5-6 months," said MP Jagadish Shettar. He credited DC Mohammad Roshan for playing a vital role in resolving bureaucratic and on-ground challenges related to land acquisition. In addition, Shettar informed that land acquisition for Belagavi-Hunagund-Raichur highway, a Rs 1,452 crore project, has also reached near completion. He further assured that the new terminal at Belagavi airport will be ready by March 2026, marking a step toward upgrading the facility to international standards.
Time of India
35 minutes ago
- Time of India
Probe reveals farmer's son was framed by cops in fake rape case
Prayagraj: The Special Investigation Team (SIT), constituted to probe the Lohanda village farmer Rambabu Tiwari suicide case, has revealed the unholy nexus between the sitting gram pradhan and policemen to fabricate fake rape charges against younger son of the farmer and sending him behind bars. The probe report claimed that Saini police had sent an innocent youth named Dhunnu alias Siddharth Tiwari (son of deceased Rambabu Tiwari), a resident of Lohanda village, behind bars on May 29 after registering an FIR on May 28. The cops in the FIR charged the youth with raping a minor girl, but the SIT team, in its probe, found that the youth had only slapped the minor girl over a petty dispute. Following this, the family of the pradhan falsely implicated the youth in connivance with the local police. Upon receiving the SIT report, superintendent of police (Kaushambi) Rajesh Kumar has suspended the erring SHO Brijesh Karwaria on charges of dereliction of duty and further instructed the Additional SP to conduct the probe. The SP had already suspended two SIs in the same case and instructed the Additional SP (Kaushambi) to probe the case further. SP said, "The SIT team, while probing the case, recorded the statement of the victim and went through the medical report. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Amazon CFD : La clave para un ingreso extra (Conoce más) Empezar ahora Registrarse Undo The team also recorded the statement of two children who were playing with her on the incident date and compiled all forensic evidence. The probe revealed that the youth was falsely implicated by the Pradhan's family with the help of local police." The SP claimed that the Pradhan family fabricated false charges against the youth following an old political rivalry. The father of the youth, Rambabu Tiwari, committed suicide on June 4 and levelled charges against the sitting gram pradhan, Bhoop Narayan Pal, and his associates, accusing them of sending his innocent younger son behind bars. Tiwari's suicide also triggered a political debate over the functioning of Kaushambi police, who allegedly sent an innocent youth behind bars. Following the suicide, scores of locals, including family members, on June 5 had created a ruckus by blocking the Kanpur-Prayagraj highway, and cops had to use mild force to disperse them. On the complaint of the deceased farmer, his elder son lodged an FIR against the sitting gram pradhan and his brothers, and cops sent two of the accused behind bars. Police, however, said that three police teams are zeroing in on the absconding gram pradhan, who carries a Rs 25,000 cash reward on his head.
Time of India
35 minutes ago
- Time of India
Cheque of Rs 25L handed over to parents of stampede victim
Udupi: Deputy commissioner Vidya Kumari K on Tuesday handed over a cheque of Rs 25 lakh to the family of Chinmayi Shetty, who was killed in a stampede during RCB celebrations in Bengaluru. Speaking after handing over the cheque to the family at their house at Kuchoor in Hebri on Tuesday, the DC consoled the family and said that the ex gratia amount was handed over as announced by the govt. "I pray that God gives strength to the family to bear the loss. The govt will always be with the family. I have told the family to get in touch with the district administration if they need any help," the DC told reporters. Karunakara Shetty, father of Chinmayi, stated that he lost his daughter, and the pain remains constant for his family. He described the incident as a tragedy that cannot be forgotten. Furthermore, he requested a govt job for his son. The family, who reside at Tippasandra in Bengaluru, visited their native place to perform the last rites of Chinmayi. SP Hariram Shankar was present.
