Lilavati Trust seeks removal of HDFC Bank CEO, Bank says FIR against CEO filed to evade loan dues
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)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
40 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
40 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
40 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.
