Lilavati Trust's Allegations Against Our MD And CEO Baseless And Malicious: HDFC Bank
Mumbai: HDFC Bank has strongly denied allegations made by Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) which called for the suspension and prosecution of bank's Managing Director and CEO, Sashidhar Jagdishan, in an alleged financial fraud, which the bank termed as 'baseless and malicious'.
HDFC Bank said it has obtained "comprehensive legal advice and representation in this regard" and will defend its MD and CEO's reputation.
'The allegations made by Lilavati Trust, its Trustees and Officials against the Bank's MD and CEO are baseless and malicious. The outrageous and preposterous allegations are strongly and categorically denied,' said the bank in a statement.
Lilavati Trust, which oversees a prominent healthcare institution in Mumbai, on Saturday called for the immediate suspension and prosecution of Jagdishan, accusing him of involvement in a series of financial frauds concerning the Trust.
The allegations against Jagdishan stated that one of the erstwhile members of LKMM had paid him Rs 2.05 crore, for the sole purpose of harassing the father of one of the current members of the trust. The petitioners have alleged that the transaction was recorded in a hand written diary. The diary was recovered by the current members.
An HDFC Bank spokesperson said this is a recovery case of the long outstanding loan due to the bank.
"The Trustee, Prashant Mehta and his family members owe substantial amounts to HDFC Bank which were never repaid. Recovery and enforcement actions have been taken by the Bank over two decades and at every stage Prashant Mehta and his other family members have launched numerous vexatious legal actions,' the bank spokesperson further stated.
"Having consistently failed at all levels including the Supreme Court, they have now resorted to the recent mala fide personal attacks on the Bank's MD & CEO with the sole objective of intimidating and bullying the Bank and its MD & CEO from carrying out the mandate of recovering all outstanding loans in every possible manner permissible under law,' the spokesperson added.
"The Bank is confident that our judicial process will recognise the fraudulent intention and devious objectives of the Trustee and officials of Lilavati Trust of tarnishing the image of the Bank and its MD and CEO," the spokesperson added.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
25 minutes ago
- Economic Times
RBI buyback sees strong demand with bids doubling notified amount
The Reserve Bank of India (RBI) received bids Rs 53,031 crore against the notified amount of Rs 26,000 crore at the second buyback auction of this fiscal year. At the auction held on Thursday, the central bank accepted 99% of the notified amount. ADVERTISEMENT At the first buyback held last week, the RBI received bids worth Rs 27,256 crore, of which the central bank accepted Rs 23,856 crore or 95% of the notified amount, data showed. Buybacks are a way for the government to pay off debt for next fiscal year to reduce its gross borrowing. It also results in RBI infusing durable liquidity into the system. The RBI bought back five government bonds maturing in 2026 at Thursday's auction. The 5.63% 2026 government bond saw the highest demand with bids received at Rs 26,616 crore. Of this, the central bank accepted Rs17,402 crore. 'The strong demand at the buyback auction indicates that banks may have taken this opportunity to lighten their HTM book, especially because there are no OMOs on the horizon,' said Rajeev Pawar, head of treasury at Ujjivan Small Finance Bank. 'In a buyback, banks get to sell short-term bonds and replace them with longer maturity papers and lock-in yields. Further buyback auctions will depend on how the government spending pans out and on evolving liquidity conditions.' ADVERTISEMENT Bonds maturing in FY27 are more than double versus this year at Rs 6.48 lakh crore and are consistently high until 2032. The government has also budgeted Rs 2.5 lakh crore for bond switches this year, 60% more than the previous a bond switch, the government replaces bonds maturing in the near term with long-term debt. The RBI, on behalf of the government, is scheduled to conduct an auction on Monday to switch government securities worth Rs 25,000 crore. It will conduct the auction to switch nine government bonds maturing between 2026 and 2029 for papers with maturity between 2032 and 2062. ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
&w=3840&q=100)
First Post
26 minutes ago
- First Post
'We remain steadfast in...': Tata Group announces Rs 1 crore compensation for families of Air India flight crash victims
'Tata Group will provide Rs 1 crore to the families of each person who has lost their life in this tragedy. We will also cover the medical expenses of those injured and ensure that they receive all necessary care and support,' the statement said read more Rescue team members work as smoke rises at the site where an Air India plane crashed in Ahmedabad, India, on June 12, 2025. Reuters In the wake of the tragic crash of Air India Flight AI-171, the Tata Group on Thursday expressed deep sorrow and announced Rs 1 crore in compensation to the families of each person who lost their life in the crash. 'We are deeply anguished by the tragic event involving Air India Flight 171. No words can adequately express the grief we feel at this moment. Our thoughts and prayers are with the families who have lost their loved ones, and with those who have been injured,' N Chandrasekaran, Chairman, Tata Sons, said in a statement. STORY CONTINUES BELOW THIS AD We are deeply anguished by the tragic event involving Air India Flight 171. No words can adequately express the grief we feel at this moment. Our thoughts and prayers are with the families who have lost their loved ones, and with those who have been injured. Tata Group will… — Tata Group (@TataCompanies) June 12, 2025 'Tata Group will provide Rs 1 crore to the families of each person who has lost their life in this tragedy. We will also cover the medical expenses of those injured and ensure that they receive all necessary care and support,' the statement added. The statement also said that the group will provide support in the building up of the B J Medical's hostel. 'We remain steadfast in standing with the affected families and communities during this unimaginable time,' the statement concluded. Air India flight AI-171, a Boeing 787 Dreamliner en route to London, crashed near Sardar Vallabhbhai Patel International Airport shortly after takeoff on Thursday, killing all 242 people on board. The aircraft was seen losing altitude rapidly before crashing in a fireball, sending thick black smoke spiraling into the sky. According to officials, the flight was carrying 169 Indian nationals, 53 British citizens, seven Portuguese nationals, and one Canadian passenger. The 12-member crew was also among those killed. STORY CONTINUES BELOW THIS AD Aviation regulator DGCA confirmed that the aircraft's pilot issued a Mayday call to Ahmedabad Air Traffic Control shortly after takeoff. However, no further communication was received from the cockpit after the distress signal. The flight was commanded by Captain Sumeet Sabharwal, a Line Training Captain (LTC) with 8,200 flight hours, along with First Officer Clive Kundar, who had 1,100 hours of flying experience. In response to the disaster, the Aircraft Accident Investigation Bureau (AAIB) has launched a formal investigation. Senior officials, including the AAIB Director General and Director of Investigation, are en route to Ahmedabad to lead the probe into what caused one of the deadliest aviation accidents in recent Indian history. With inputs from agencies
Time of India
27 minutes ago
- Time of India
PhonePe pares 5% stake in MapmyIndia for Rs 486 crore
Synopsis Following the stake sale, shares of CE Info Systems plunged 9.39% to settle at Rs 1,768.75 apiece on the BSE. The shares were sold at an average price of Rs 1,786.22 apiece, taking the transaction value to Rs 486.03 crore.
