Latest news with #PrashantMehta
Indian Express
15-07-2025
- Business
- Indian Express
Probe in bribery FIR against HDFC Bank CEO transferred to EOW: Mumbai Police to HC
The Mumbai Police Monday informed the Bombay High Court that the investigation in the FIR against HDFC Bank Managing Director and CEO Sashidhar Jagdishan based on a complaint by Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) has been transferred to EOW. The HC was further informed that the probe by the Economic Offences Wing (EOW) was at a preliminary stage. The police also orally assured the HC that no summons will be issued to Jagdishan until the next hearing. The magistrate court in Bandra on May 29 had directed the Bandra police to register offences punishable under sections 406, 409 (criminal breach of trust) and 420 (cheating) of the Indian Penal Code (IPC). The magistrate had ordered the probe on the basis of a complaint by trustee Prashant Mehta. Two days later, the Bandra police registered the FIR against Jagdishan and six others who were erstwhile trustees. According to the complaint, after assuming office, Prashant Mehta found a diary showing that between March and June 2022, sums adding up to Rs 2.05 crore were transferred to Jagdishan on the directions of Chetan Mehta, who was a trustee at the time. A division bench of Justices Makarand S Karnik and Nitin R Borkar was hearing a writ plea by Jagdishan seeking quashing of the FIR and setting aside of the May 29 magistrate court's order. Pending hearing of the plea, Jagdishan has sought a stay on the probe against him and urged that there should not be any coercive action, including the filing of chargesheet, against him. Earlier, four judges of the HC had recused themselves from hearing the matter citing various reasons including possession of HDFC Bank shares and prior association with Lilavati Trust or lawyer appearing in the matter among others. Thereafter, the plea was listed before the bench led by Justice Karnik on Monday. Senior advocate Amit Desai for Jagdishan argued that the FIR was a 'retaliatory' move due to recovery proceedings initiated against Splendour Gems Limited (formerly known as Beautiful Diamonds Limited), a company owned by the complainant's father. He added that the same was done using 'facade' of the Trust to seek action against the petitioner and done with 'malafide'. After Desai argued the matter, on the issue of admission and interim relief, the HC sought to know from the government lawyer as to what was the status of the probe. The lawyer argued that the investigation was underway after it being transferred to EOW and same was at a preliminary stage. The lawyer further informed the HC that till now no summons had been issued to Jagdishan and will require some time to apprise court of further course of action. After the HC decided to post the matter for further hearing on July 23, the state lawyer orally assured that no summons will be issued to the petitioner till then.
Mint
04-07-2025
- Business
- Mint
Supreme Court refuses to hear HDFC Bank CEO Sashidhar Jagdishan's plea seeking to quash Lilavati Trust FIR
New Delhi: The Supreme Court on Friday dismissed a plea by HDFC Bank's managing director and chief executive, Sashidhar Jagdishan, seeking an urgent hearing on his petition to quash an FIR lodged against him by the Lilavati Kirtilal Mehta Medical Trust, which runs Mumbai's Lilavati Hospital. A bench comprising Justices P.S. Narasimha and R. Mahadevan declined to intervene as the Bombay high court has already scheduled the matter for hearing on 14 July. The apex court said it did not wish to interfere with the high court's proceedings and asked it to hear the case on the fixed date. 'If you are not heard then come here. We sympathise that quash proceedings were initiated in June and bench after bench has recused. We understand that. But now that it is listed…,' the bench noted. Jagdishan approached the Supreme Court after three Bombay high court judges recused themselves from hearing the matter, leading to delays. Senior advocate Mukul Rohatgi, appearing for Jagdishan, argued that the FIR was causing serious reputational harm to the bank. 'For the last three weeks, we haven't got a hearing in the high court. I am the MD. I have nothing to do [with this matter]. I am being roped in, the bank is suffering. I want interim protection till the matter is heard. The bank has been dragged into a private dispute. The idea is to summon him to the police station. It is affecting my personal reputation,' Rohatgi submitted. In April, the Lilavati Kirtilal Mehta Medical Trust approached the Judicial Magistrate First Class, seeking an investigation into alleged misconduct by Jagdishan. According to the complaint filed by Prashant Mehta, son of late Kishor Mehta (former director at Splendour Gems Ltd), Jagdishan allegedly accepted a bribe of ₹ 2.05 crore between March and June 2022 in exchange for providing strategic advice to help the Chetan Mehta Group retain control over the trust's governance. The complaint traced its origins to a long-standing financial dispute. Splendour Gems had availed loans from a consortium led by HDFC Bank in 1995. After defaulting, recovery proceedings began in 2002, and in 2004, the Debts Recovery Tribunal ordered repayment of ₹ 14.74 crore with 16% interest. Prashant Mehta alleged that his father's death in 2024 was caused by 'mental and physical harassment' due to the bank's recovery process. Upon taking charge of the company, he claimed to have discovered diary entries indicating payments to Jagdishan. On 29 May, the judicial magistrate directed Bandra Police to register an FIR under IPC Sections 406 (criminal breach of trust), 409 (criminal breach of trust by banker/public servant), and 420 (cheating), and investigate the allegations. Two days later, Bandra Police registered the FIR against Jagdishan, Chetan Mehta, and six others. A separate FIR was also filed against Chetan Mehta, Phoenix ARC Pvt. Ltd, and others for alleged embezzlement of ₹ 2.25 crore from the Trust. The Trust further alleged that Jagdishan misused his position at HDFC Bank to interfere in its internal governance and that he and his family received free medical treatment from Lilavati Hospital, a benefit never formally acknowledged. It also claimed a potential conflict of interest, stating that the Trust had deposits and investments worth ₹ 48 crore with HDFC Bank since 2022. The complaint alleged that ₹ 1.5 crore was offered as purported CSR funds to facilitate the destruction or forgery of evidence relating to internal disputes. Jagdishan then approached the Bombay High Court last week, seeking to quash the 29 May order and the FIR, along with an interim stay on the investigation and protection from any coercive action. However, the high court declined to grant urgent relief on 30 June and scheduled the matter for 14 July.
Hans India
03-07-2025
- Business
- Hans India
HDFC Bank CEO Jagdishan moves SC against Lilavati Trust's FIR; hearing tomorrow
New Delhi: HDFC Bank Managing Director and CEO, Sashidhar Jagdishan, has approached the Supreme Court to quash an FIR filed against him by the Lilavati Kirtilal Mehta Medical Trust, which runs Mumbai's Lilavati Hospital. A Bench of Justices M.M. Sundresh and K Vinod Chandran agreed to urgently hear the matter on Friday after senior advocate Mukul Rohatgi, representing Jagdishan, submitted that three Bombay High Court judges have recused themselves from hearing his plea to quash the criminal complaint. The allegations against Jagdishan stated that one of the erstwhile members of the Trust had paid him Rs 2.05 crore for the sole purpose of harassing the father of one of the current members of the trust. This transaction was allegedly recorded in a handwritten diary and was discovered by the current members. The Trust further accused the bank of offering Rs 1.5 crore in the name of Corporate Social Responsibility (CSR) to hospital staff, claiming it was an attempt to destroy evidence and interfere with the investigation. The controversy unfolded when HDFC Bank raised questions about financial mismanagement involving the Trust. As per the bank, trustee Prashant Mehta and his family members owe substantial amounts to HDFC Bank which were never repaid. They have now resorted to personal attacks on Jagdishan to intimidate and bully the bank. In a statement, the HDFC Bank said, '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 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.' Following the episode, the Trust has filed a Rs 1,000 crore defamation case against Jagdishan, accusing him of making false and damaging statements against the organisation and its permanent trustee Prashant Mehta. The Trust said that the defamation suit was filed because of a series of 'malicious, false and defamatory' comments made by Jagdishan, which they claim are part of a larger attempt to harm the image and functioning of the charitable institution.
India Today
21-06-2025
- India Today
Ex-Lilavati trustee approaches High Court over Rs 1,243 crore fraud case
Former Lilavati Hospital Trustee Chetan Mehta has approached the Bombay High Court seeking the dismissal of an FIR registered against him by the Bandra Police Station in Mumbai in connection with the alleged misappropriation of funds amounting to Rs 1,243 FIR was filed after Prashant Mehta, the current trustee of Lilavati Kirtilal Mehta Medical Trust, conducted a forensic audit that reportedly revealed multiple instances of financial per the plea, Mehta approached the Magistrate Court after the Bandra Police failed to lodge an FIR. Subsequently, the Magistrate Court directed the police to file an FIR. Chetan Mehta is a Belgium citizen and an Overseas Citizen of India cardholder. He was the Trustee of Lilavati Kirtilal Mehta Medical Trust from 2007 till December 2023, when he was removed by an order of the Charity Commissioner's probe into the allegations has since been transferred to the Economic Offences Wing (EOW) of the Mumbai plea, filed through advocates Lakshmi Raman and Dhiren Shah, argues that the Magistrate's order was passed hastily—within 10 days—without waiting for a police report on whether an investigation was petition levels several counter-allegations against Prashant Mehta and his family, asserting that during Chetan Mehta's tenure, Lilavati Hospital evolved into a world-class healthcare institution. It claims that the hospital's fixed deposits grew from Rs 200 crore to Rs 500 crore, with significant charitable work also Hospital is managed by a family trust established by the late Kirtilal Mehta in 1978. Of his four sons and three daughters, several played active roles in building the hospital, including Vijay Mehta, Prabodh Mehta, Kishore Mehta, Rashmi Mehta, and Rekha Sheth. However, it is the sons of Prabodh Mehta (Chetan Mehta) and Kishore Mehta (Prashant Mehta) who are now locked in a legal and familial battle over the trust's Mehta's petition claims the allegations have caused him undue hardship and damaged his reputation, affecting his professional credibility. It also argues that the hospital remains financially sound and has consistently generated surplus income."The continuance of the impugned proceedings, in the face of clear audited financials showing consistent surplus and absence of loss, amounts to a gross abuse of the process of law and would result in irreparable harm to the petitioner," the plea the petition accuses the current trustee of colluding with former Mumbai Police Commissioner Param Bir Singh to initiate multiple FIRs on similar allegations. Besides the case now being investigated by the EOW, four other FIRs have reportedly been filed against Mehta, all of which he is challenging in plea was mentioned before a division bench headed by Justice Sarang Kotwal, who recused himself from hearing the matter. The petition is yet to be listed for hearing.
Time of India
20-06-2025
- Business
- Time of India
Lilavati Trust files Rs 1,000 cr defamation suit against HDFC Bank CEO
Mumbai: Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) on Friday said it has filed a Rs 1,000 crore civil defamation lawsuit against HDFC Bank MD & CEO Sashidhar Jagdishan , over a series of malicious, and false statements made against the Trust and its permanent trustee, Prashant Mehta . The legal action aims to counter what the Trust views as a coordinated campaign to malign its reputation and obstruct its operations as a public charitable institution , the Trust, which manages and runs the prestigious Lilavati Hospital in Mumbai said in a statement. In addition to the civil suit, the Trust has also filed a criminal complaint before the Metropolitan Magistrate, Girgaon, who has issued notice to the CEO, spokesperson, and Corporate Communication Head of HDFC Bank. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo The LKMM Trust and Prashant Mehta have never been a borrower to HDFC Bank but rather a lender depositing Rs 48 crore in the form of fixed deposits and bonds, it said. The Trust and Prashant Mehta are not connected to the affairs of Splendour Gems in any manner whatsoever as fraudulently espoused by the CEO of HDFC, it said. Live Events However, HDFC Bank had earlier refuted charges saying the bank and its senior officials are being targeted by unscrupulous persons who are abusing the legal process to thwart the recovery of the long outstanding loan due to the bank from recalcitrant defaulters i.e Splendour Gems Ltd (formerly known as Beautiful Diamonds Ltd). The bank had said it was concerned about its stakeholders and is on the verge of taking strong legal actions as per expert advice, against those who are initiating these baseless allegations with malafide and ulterior motives or involved in propagating the same.
