logo
Lilavati Trust seeks removal of HDFC Bank CEO, Bank says FIR against CEO filed to evade loan dues

Lilavati Trust seeks removal of HDFC Bank CEO, Bank says FIR against CEO filed to evade loan dues

India Gazette5 hours ago

Mumbai (Maharashtra) [India], June 9 (ANI): Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) has called for the immediate suspension and prosecution of Managing Director and CEO of HDFC Bank, Sashidhar Jagdishan, alleging that the latter was directly involved in 'serious financial fraud, criminal conspiracy, abuse of fiduciary position, evidence tampering, and obstruction of justice.'
The trust has filed an FIR against HDFC Bank's MD and CEO.
According to an exchange filing by HDFC Bank on Sunday evening, in 2001, Splendour Gems Limited, owned by the Mehta family, defaulted on loan facilities granted in 1995 by HDFC Bank and the other consortium banks. The private lender informed stock exchanges that it vows to continue all lawful remedies to recover the dues from the defaulter.
According to the private lender, the outstanding dues towards HDFC Bank, including interest, amount to approximately Rs 65.22 crore as of May 31, 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 authorities--all of which have been dismissed or are under legal challenge. HDFC Bank firmly believes that these allegations are retaliatory in nature and have malafide intention solely at evading repayment of long-standing dues. HDFC Bank unequivocally 'rejects and strongly condemns the malicious and baseless allegations levelled and maintains that these allegations are completely false, outrageous and constitute a gross misuse of the legal process. HDFC Bank firmly believes that 'these actions (by Mehta family) are a deliberate attempt to obstruct and undermine legitimate recovery proceedings related to substantial long-outstanding dues owed by Splendour Gems Limited,' the bank said in its filing on Sunday.
'Having exhausted all legal avenues without success, these individuals have now resorted to launching personal attacks against HDFC Bank and its MD and CEO in a clear attempt to malign their reputation and intimidate HDFC Bank into halting its recovery actions. These actions appear to be a calculated distraction from their own failures and liabilities,' the bank added.
Earlier in a statement on June 7, the Trust claimed that the FIRs against the HDFC Bank MD and CEO were not based on allegations alone but were substantiated. The Trust alleged that the Bank officials seized cash ledgers and handwritten diaries, email trails showed bribery attempts, misuse of CSR funds to bribe hospital staff, and internal banking records and forged payment vouchers.
'This is not a private feud or a commercial misunderstanding. This is a deeply rooted criminal betrayal of fiduciary obligations, charity law, public money, and the rule of law. Mr. Sashidhar Jagdishan has abused his institutional position not only to suppress truth but to subvert justice. We seek his immediate removal to restore faith in India's banking and legal systems,' said Prashant Kishor Mehta, Permanent Trustee of LKMM Trust. (ANI)

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

FM Sitharaman hails SPMCIL, hopes it to get status of Navratna soon
FM Sitharaman hails SPMCIL, hopes it to get status of Navratna soon

Business Standard

time25 minutes ago

  • Business Standard

FM Sitharaman hails SPMCIL, hopes it to get status of Navratna soon

Finance Minister Nirmala Sitharaman on Monday lauded the performance of the Security Printing and Minting Corporation of India Limited (SPMCIL) and expressed confidence that it will soon become a Navratna state-owned company. Currently, SPMCIL, under the administrative control of the Department of Economic Affairs of the Finance Ministry, is a Schedule 'A' Miniratna Category-I company of the Government of India. The government grants Maharatna, Navratna and Miniratna status to Central Public Sector Enterprises (CPSEs) based on certain pre-defined criteria, including financial parameters such as track record of profit and net worth. Inaugurating the Corporate Office of SPMCIL, Sitharaman appreciated the works being done by the CPSE, which include printing of currency notes, minting of coins for circulation and commemorative coins. She hoped SPMCIL would also achieve Navratna status, given its consistent financial performance. Following its capital restructuring in 2015, the company fully repaid its loan with interest by 2016-17 and continues to deliver strong returns, Sitharaman said. In fiscal 2023-24, it paid a dividend of Rs 364 crore, following a record dividend of Rs 534 crore the year before. In her speech, the finance minister noted that the CPSE delivered about 3.4 metric tonnes of refined gold to the Reserve Bank of India from seizures transferred by the Customs department. It also refined silver and gold received from institutions such as Tirumala Tirupati Devasthanams and Vaishno Devi Shrine Board, among others. During 2024-25, the state-owned firm produced over 1,200 crore banknotes and 150 crore circulation coins as well as over 1.5 crore passport booklets and over 700 crore Excise Adhesive Labels, and various categories of postal and security-related stationery essential for government and public services. "I am equally impressed with the popularity of SPMCIL's souvenir coins, which play a significant role in promoting India's rich cultural heritage, history and art," she said. Sitharaman noted that in free India's recorded history, a total of 210 commemorative coins have been issued out of which 105 have been issued in the last decade, including coins celebrating events such the 2900th birth anniversary of Jain Tirthankar Shri Parshvanath Bhagwan, the 550th Prakash Purab of Guru Nanak Dev, the new Parliament Complex, the 1000 years of Brihadeeswarar Temple, and India's G20 Presidency. Over 20,000 coins have been purchased by the public for the new series of colour souvenir coins, which have been themed around Panchatantra, endangered species, and the Shri Ram Janmabhoomi Temple in Ayodhya. Speaking during the occasion, Minister of State for Finance Pankaj Chaudhary said the government would provide all support to the CPSEs to improve their efficiency and profitability.

IAS officer caught accepting bribe of Rs 10 lakh in Odisha
IAS officer caught accepting bribe of Rs 10 lakh in Odisha

India Gazette

time40 minutes ago

  • India Gazette

IAS officer caught accepting bribe of Rs 10 lakh in Odisha

Kalahandi (Odisha) [India], June 9 (ANI): Dhiman Chakma, Sub-Collector of Dharamgarh in Kalahandi district, was caught red-handed on Monday while allegedly accepting a bribe of Rs 10 lakh from a local businessman, according to the Odisha Vigilance Department. During further searches at his residence, an additional Rs 47 lakh in cash was recovered and Investigations are ongoing, a release said. Chakma, the 2021-batch IAS officer, had allegedly demanded a total of Rs 20 lakh as a bribe, threatening to take action against the businessman's enterprise if the payment was not made, the Odisha Vigilance said in a release. Chakma called the complainant to his official residence in Dharamgarh, where he accepted Rs. 10 lakh as the first instalment, it said. The IAS officer was caught 'red handed while demanding and accepting bribe of Rs 10 lakh from a local businessman,' the department said in the release. The accused Sub Collector called the complainant to his official government residence at Dharamgarh, received the bribe amount, verified the 26 number of 100-note bundles of different denominations with both his hands, and kept the same inside his residence office table drawer. Both hand wash and table drawer wash gave a positive chemical reaction, the release said. A case has been registered under Section 7 of the Prevention of Corruption Act, 1988 (as amended in 2018). More details are awaited as the probe continues. (ANI)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store