Latest news with #LilavatiHospital
Economic Times
2 days ago
- Business
- Economic Times
HDFC Bank shares in focus amid loan record, bribery allegations by Lilavati Trust
HDFC Bank shares: The trust that runs the renowned Lilavati Hospital in Mumbai has claimed that the bank has given inconsistent figures regarding a single loan—first stating it as ₹4.8 crore, then ₹450 crore, and now ₹65.22 crore—without providing any formal loan agreement or ledger as evidence. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads HDFC Bank share price performance Shares of HDFC Bank are expected to be in focus on Thursday after the Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) leveled serious allegations against the bank and its MD & CEO, Sashidhar Jagdishan, citing inconsistencies in loan records and allegations of trust, which operates the well-known Lilavati Hospital in Mumbai, has alleged that the bank has made conflicting statements about a single loan amount—initially quoting Rs 4.8 crore, then Rs 450 crore, and now Rs 65.22 crore—without producing any official loan agreement or Trust has maintained that it has never taken any loan from HDFC the Trust alleged that a bribe of Rs 2.05 crore was paid to the bank's CEO to assist another group in remaining in control of the Bank has denied all allegations, stating they are false, malicious, defamatory, and devoid of any bank reiterated that neither it nor its CEO has engaged in any illegal or unethical conduct. The bank said it is concerned about its stakeholders and is on the verge of taking strong legal action, as per expert advice, against those who are initiating these baseless allegations with malicious and ulterior motives, or are involved in propagating the the past one year, the shares of HDFC Bank have gained 24.59%, while the year-to-date (YTD) return stands at 9.38%. In the last 6 months, the stock has appreciated by 4.61%, and in the most recent 3-month period, it has delivered a strong gain of 15.71%. Over the past 1 month, the stock has risen by 3.20%. HDFC Bank shares closed 0.8% lower at Rs 1,949.60 on the BSE on Wednesday.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
India Today
6 days ago
- Business
- India Today
Mumbai's Lilavati Hospital trustee accuses HDFC Bank CEO of fraud, files case
The ongoing dispute between the current trustees of the Lilavati Kirtilal Mehta Medical Trust (LKMMT), which runs the prominent Lilavati Hospital in Mumbai's Bandra West, and former trustees has escalated, with the CEO of HDFC Bank now also named as an accused for allegedly targeting and harassing founder trustee Kishor present permanent trustee, Prashant Mehta, has filed an FIR against HDFC Bank's CEO and seven other former trustees, including Chetan Mehta and others of the LKMMT, for criminal breach of trust and cheating in connection with the Rs 1,250 crore embezzlement FIR was filed based on an order from a Bandra magistrate court, which was approached by Prashant Mehta, a permanent trustee of the LKMMT, against HDFC Bank CEO Sashidharan Jagdishan and seven others, including former trustee Chetan Mehta. In March, Prashant Mehta accused Chetan Mehta and other former trustees of embezzling trust funds, money laundering, and other financial irregularities. FIRs were subsequently registered, and a request for an Enforcement Directorate enquiry was also June 7, Prashant Mehta, addressing a press conference, accused Sasidharan and former trustees, including Chetan Mehta, of harassing Kishor on the magistrate's court order, the FIR was registered by the Bandra police against the accused, including Sasidharan. Meanwhile, the leading private sector lender has denied allegations levelled against its CEO, Sashidharan, stating that it was an attempt to thwart the recovery process of loans borrowed from the bank by the the other hand, Prashant Mehta claimed that the 84-year-old Kishor Mehta was constantly harassed with over 100 court summonses for whistleblowing on the trust's activities. Prashant Mehta further stated that Kishor Mehta eventually died amid continuing legal and medical troubles. The permanent trustee also alleged that Rs 1.5 crore in bribe, falsely presented as a CSR donation, was paid to influence senior hospital doctors in a bid to conceal or destroy critical records."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," Prashant Mehta said."The complaint against Mr. Jagdishan is substantiated by voluminous documentary evidence: Rs 2.05 crore in unaccounted cash payments made to Mr. Jagdishan by former trustees, recorded in a seized cash diary. Illegal deposit of Rs 25 crore of trust funds into HDFC Bank without any resolution, approval, or oversight. Preferential medical treatment and waivers, granted to Mr. Jagdishan and his family at Lilavati Hospital in exchange for complicity and silence," he added. advertisementMehta has alleged Jagdishan conniving with former trustees against whom various FIRs have been lodged and have been accused of embezzlement as well. The present trustees have lodged five such FIRs against former trustees, accusing them of financial embezzlement, fraud, cheating and even money the LKMMT on Sunday filed complaints against Sashidharan with SEBI, the RBI Governor, the Central Vigilance Commission (CVC), the Finance Minister's Office, and the HDFC board, seeking his bank, in a statement, denied all allegations levelled against its CEO, Sashidharan Jagdishan. The statement claimed that false and malicious prosecution had been initiated against him to thwart the recovery of Rs 65 statement also alleged that family members were misusing Lilavati trust's name to intimidate the bank by filing false complaints, alleging that they had defaulted on several occasions.
