Latest news with #SashidharJagdishan


News18
5 hours ago
- Business
- News18
Lilavati Trust Refutes Dues To HDFC Bank; Lender Plans Legal Action: All You Need To Know
Last Updated: Lilavati Kirtilal Mehta Medical Trust on Monday, 9 June 2025, pinned a fresh set of allegations against HDFC Bank CEO; Key points to know Lilavati Trust-HDFC Bank Dispute: The Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) has firmly denied any outstanding dues to HDFC Bank and its MD and CEO, Sashidhar Jagdishan, stating that neither the trust nor its permanent trustee, Prashant Kishor Mehta, owes any money to the private lender. In a statement cited by PTI, LKMM Trust also clarified that it has never borrowed from HDFC Bank or had any links to Splendour Gems Ltd, the borrowing company. In a serious escalation, the trust alleged that a bribe of Rs 2.05 crore was paid to Jagdishan to help the Chetan Mehta Group remain 'illegally" in control of the trust. Notably, the trust claimed that the HDFC Bank CEO did not deny receiving this alleged bribe, according to PTI reports. The Mehta family-run trust also rejected HDFC Bank's official response, maintaining that the allegations have already been examined by judicial authorities prior to the FIR's registration.


Time of India
16 hours ago
- Business
- Time of India
Lilavati Trust says no dues owed to HDFC Bank
Launching a fresh attack on HDFC Bank MD and CEO Sashidhar Jagdishan , Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) on Monday said the trust or its permanent trustee Prashant Kishor Mehta has no outstanding dues to the private bank. It has never borrowed a single rupee from the bank nor they are connected to the borrowing company ( Splendour Gems Ltd ) in question whatsoever, LKMM said in a statement. The Trust alleged that the Rs 2.05 crore bribe money paid to HDFC Bank MD and CEO Sashidhar Jagdishan to help Chetan Mehta group remain illegally in control of the LKMM Trust. 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 Schlechter Stuhlgang? Diese Methode funktioniert wie "auf Knopfdruck" Darmschutz Ratgeber Undo There is no denial by MD and CEO on the bribe paid and favour enjoyed by him, the statement alleged. The Trust oversees Lilavati Hospital in Mumbai . Live Events The statement further said that civil and criminal defamation proceedings have been initiated against the MD and CEO for over Rs 1,000 crore loss caused to the Trust. However, HDFC Bank on Sunday said 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). Splendour Gems Limited, a company owned by the Mehta family, defaulted on loan facilities granted by HDFC Bank along with the other consortium banks in 1995, the bank said in a statement on Sunday. The outstanding dues towards HDFC Bank, including interest, amount to approximately Rs 65.22 crore as on May 31, 2025, it had said. Despite a recovery certificate issued by the Debts Recovery Tribunal in 2004 and subsequent enforcement actions, the dues remain unpaid. Splendour Gems Ltd also has been borrowing from other Banks/institutions, it had said. HDFC Bank will continue to pursue all lawful remedies to recover public funds and address the retaliatory actions taken by the Mehta family as well as to defend the reputation and integrity of HDFC Bank, its Directors and other employees, it had said.

Mint
16 hours ago
- Business
- Mint
HDFC Bank, Mehtas, and decades of discord: Timeline Explained
The Mehta family-owned Lilavati Kirtilal Mehta Medical Trust on Monday, 9 June 2025, pinned a fresh set of allegations against HDFC Bank CEO Sashidhar Jagdishan. The Lilavati Trust allegations against the HDFC Bank CEO ranged from 'bribe money' to 'forging evidence.' This comes after HDFC Bank on Sunday called all the allegations and claims against the bank 'malicious and baseless.' The bank stated that the Mehta family has exhausted other options and is now 'launching personal attacks' against the bank and its executives to malign their reputation and pressure the lender to halt their recovery actions. 1) Loan in 1995: In the year 1995, HDFC Bank and other consortium banks granted a loan to Mehta family-owned Splendour Gems Ltd. 2) Defaulter in 2001: Splendour Gems Ltd 2001 was officially termed a loan defaulter, and HDFC Bank started seeking options to recover the public money which was issued to the company as a loan. 3) Order of 2004: The Debt Recovery Tribunal granted HDFC Bank a 'recovery certificate' in 2004, which gave the institutional lender the authority to recover the outstanding dues that remain 'substantially unpaid' by the defaulter, the bank's official statement later showed. 4) Lilavati's allegations against HDFC CEO (2025): The whole Mehtas vs HDFC Bank issue erupted when Lilavati Kirtilal Mehta Medical Trust, on Sunday, 8 June 2025, which owns Mumbai's Lilavati Hospital, claimed that HDFC Bank CEO Sashidhar Jagdishan and eight others were allegedly involved in a series of financial frauds and misappropriation of the Trust's funds. The Trust was seeking the suspension and legal prosecution of the bank's CEO over the alleged involvement in a financial fraud and fund corruption case. 5) HDFC's response to allegations: After the allegations made by the Lilavati Trust, the private bank officially refuted the claims as 'baseless and malicious', denying the company's or executive's involvement in such financial fraud affairs. 'The allegations made by Lilavati Trust, its trustees and officials against the bank's MD and CEO (managing director and chief executive officer) are baseless and malicious. The outrageous and preposterous allegations are strongly and categorically denied,' said the bank's spokesperson in an official statement on Sunday. 6) Mehta family files FIR: Later on Sunday, the Mehta family filed an FIR (First Incident Report) against the HDFC Bank CEO, Sashidhar Jagdishan, after the financial fraud allegations from Lilavati Trust. 7) HDFC refutes claims: In response to the Mehta family FIR, HDFC Bank refuted the claims and said that the defaulters were trying to launch 'personal attacks' against the bank and its executives to malign their reputation and pressure the lender to halt their recovery actions. The bank also called the FIR 'frivolous' on Sunday. 'HDFC Bank will continue to pursue all lawful remedies to recover public funds and address the retaliatory actions taken by the Mehta family as well as to defend the reputation and integrity of the Bank, its Directors and other employees,' said the bank in its statement. 8) HDFC share reaction: Despite the allegations and FIR from the Mehta family and Lilavati Group, stock market investors did not dump the stock. Shares of the private lender closed flat, or 0.01 per cent down, at ₹ 1,978.60 after Monday's market session, compared to ₹ 1,978.70 at the previous market close. 9) Fresh Lilavati Trust allegations: The Lilavati Trust on Monday, 9 June 2025, issued a list of fresh allegations against HDFC Bank and its CEO, claiming the pointers as a 'summary of misdeeds' of Chief Sashidhar Jagdishan. The allegations ranged from 'bribe money' to 'forging evidence.' The Trust alleged that the HDFC Bank CEO took ₹ 2.05 crore in bribes to help the Chetan Mehta Group remain 'illegally' in control of the family Trust. Among other major allegations, CEO Sashidhar Jagdishan was offered ₹ 1.5 crore in bribes under the alleged CSR for the destruction and forging of evidence, and a civil and criminal defamation case of ₹ 1,000 crore is claimed to have been initiated against CEO Jagdishan. The Mehta family-run trust also dismissed HDFC Bank's official response, claiming that the earlier allegations which were made towards the CEO have allegedly been scrutinised by the judicial authority before they registered an FIR. Disclaimer: All the views and claims in this story are from the Lilavati Kirtilal Mehta Medical Trust. This story does not represent LiveMint's views on the subject.


News18
17 hours ago
- Business
- News18
Lilavati Trust says no dues owed to HDFC Bank
Agency: Mumbai, Jun 9 (PTI) Launching a fresh attack on HDFC Bank MD and CEO Sashidhar Jagdishan, Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) on Monday said the trust or its permanent trustee Prashant Kishor Mehta has no outstanding dues to the private bank. It has never borrowed a single rupee from the bank nor they are connected to the borrowing company (Splendour Gems Ltd) in question whatsoever, LKMM said in a statement. The Trust alleged that the Rs 2.05 crore bribe money paid to HDFC Bank MD and CEO Sashidhar Jagdishan to help Chetan Mehta group remain illegally in control of the LKMM Trust. There is no denial by MD and CEO on the bribe paid and favour enjoyed by him, the statement alleged. The Trust oversees Lilavati Hospital in Mumbai. The statement further said that civil and criminal defamation proceedings have been initiated against the MD and CEO for over Rs 1,000 crore loss caused to the Trust. However, HDFC Bank on Sunday said 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). Splendour Gems Limited, a company owned by the Mehta family, defaulted on loan facilities granted by HDFC Bank along with the other consortium banks in 1995, the bank said in a statement on Sunday. The outstanding dues towards HDFC Bank, including interest, amount to approximately Rs 65.22 crore as on May 31, 2025, it had said. Despite a recovery certificate issued by the Debts Recovery Tribunal in 2004 and subsequent enforcement actions, the dues remain unpaid. Splendour Gems Ltd also has been borrowing from other Banks/institutions, it had said. HDFC Bank will continue to pursue all lawful remedies to recover public funds and address the retaliatory actions taken by the Mehta family as well as to defend the reputation and integrity of HDFC Bank, its Directors and other employees, it had said. PTI DP MR First Published: June 09, 2025, 23:00 IST


India Gazette
21 hours ago
- Business
- India Gazette
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)