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.
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