Lilavati Trust hits back at HDFC Bank, rejects outstanding dues
The Lilavati Kirtilal Mehta Medical Trust (LKMM Trust), which manages Mumbai's prominent Lilavati Hospital, has launched a strong counter-offensive against HDFC Bank and its top executive, denying any outstanding dues and distancing itself from a loan default case involving Splendour Gems Ltd.In a sharply worded statement issued Monday, the Trust asserted that neither it nor its permanent trustee,trustee, Prashant Kishor Mehta, has ever borrowed from HDFC Bank. 'There is no outstanding due towards the bank. The Trust or its trustee has never taken even a single rupee in loan from HDFC Bank, nor are we connected in any way to the company in question,' LKMM said.The escalation comes a day after HDFC Bank alleged that its senior officials were being targeted by individuals misusing the legal system to avoid repaying long-pending dues. The bank claimed that Splendour Gems Ltd—a company linked to the Mehta family—defaulted on loans worth Rs 65.22 crore as of May 31, 2025.In response, the Trust doubled down on its accusations against HDFC Bank Managing Director and CEO Sashidhar Jagdishan, alleging he accepted a bribe of Rs 2.05 crore to support a rival group's 'illegal control' of the Trust. 'There is no denial from the MD & CEO on the bribe and undue favour,' the statement said.The Trust further claimed it has initiated civil and criminal defamation proceedings against Jagdishan, seeking damages over Rs 1,000 crore for the alleged harm caused to the institution.Meanwhile, HDFC Bank on Sunday maintained that its recovery actions against Splendour Gems Ltd—formerly Beautiful Diamonds Ltd—are lawful and backed by a recovery certificate issued by the Debts Recovery Tribunal in 2004. The bank said its enforcement efforts continue, despite years of delay and resistance from the borrowers.'The Bank and its senior officials are being targeted by unscrupulous persons abusing legal processes to avoid paying their debts,' HDFC Bank said in its statement, adding that it remains committed to recovering public money and defending its reputation.The dispute has brought renewed focus on the decades-old loan default by Splendour Gems and the simmering internal battle within the Mehta family over control of one of Mumbai's most reputed charitable healthcare institutions.With inputs from PTI
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