Latest news with #SashidharJagdishan
India Gazette
an hour 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)
NDTV
an hour ago
- Business
- NDTV
Lilavati Trust Seeks Removal Of HDFC Bank CEO, Bank Responds
Mumbai: 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.
Mint
2 hours ago
- Business
- Mint
Looking at HDFC Bank CEO Sashidhar Jagdishan's annual payout as lender faces trust fund fraud claims
India's largest private bank's Chief Executive Officer (CEO), Sashidhar Jagdishan, takes home a hefty multi-crore salary every year, according to HDFC Bank's annual report for the financial year ended 2023-24. Let's take a look at how much the executive earns per year amid the financial fraud allegations from Lilavati Kirtilal Mehta Medical Trust. The Lilavati trust is owned and controlled by the Mehta family. On Sunday, 8 June 2025, the trust which oversees Lilavati Hospital in Mumbai called upon the board of directors of HDFC Bank, seeking the suspension and legal prosecution of the CEO over an alleged involvement in a financial fraud and fund corruption case related to the trust. The Mehta family also lodged an FIR against the HDFC Bank CEO on Sunday after the Lilavati Trust allegations. Along with the CEO, the Trust accused eight individuals, including former bank employees, of financial fraud and misappropriation of the trust's funds. The Mehta family-owned 'Splendour Gems Ltd' defaulted on its loans from HDFC Bank and other consortium banks in 2001. The loans were granted to the entity in 1995. HDFC Bank CEO Sashidhar Jagdishan earns around ₹ 10.76 crore annually as of the financial year ended 2023-24, according to the annual report of the private lender. Jagdishan's salary breakup consists of ₹ 2,94,35,661 or over ₹ 2.94 crore as a basic salary, ₹ 3,32,10,228 or more than ₹ 3.32 crore as allowances and perquisites, ₹ 35,32,285 or over ₹ 35 lakh in provident fund, ₹ 44,15,352 or more than ₹ 44 lakh in superannuation, and ₹ 3,71,20,846 or over ₹ 3.74 crore in performance bonus, according to the company filing. The CEO was granted a total of 2,09,131 ESOPs (Employee Stock Option Plans), and the ratio of Jagdishan's salary to the median employee salary was at 167.70:1 for FY2023-24. According to the filing data, Sashidhar Jagdishan received a cash variable pay of ₹ 5 crore for his performance in the year 2022-23, paid in FY2023-24. However, this was not included in the variable pay component of the 2024 fiscal. HDFC Bank CEO Sashidhar Jagdishan also received ₹ 2.90 crore as dividend from the institutional lender for all the equity shares he owns in the company. Jagdishan holds 17,09,143 equity shares in HDFC Bank as of the year ended 31 March 2024. Sashidhar Jagdishan was reappointed as the MD and CEO of HDFC Bank for a period of three years from 27 October 2023 to 26 October 2026, with both days included in his term.
Business Standard
3 hours ago
- Business
- Business Standard
Nifty ends tad above 25,100 level; PSU bank shares in demand
The key equity indices ended with modest gains today, extending their winning streak to a fourth session, supported by the Reserve Bank of Indias unexpected policy easing and upbeat global cues. The Nifty ended a tad above the 25,100 level. Barring the Nifty Realty index, all the other sectoral indices on the NSE ended in green. As per provisional closing data, the barometer index, the S&P BSE Sensex, added 256.22 points or 0.31% to 82,445.21. The Nifty 50 index rose 100.15 points or 0.40% to 25,103.20. In the past four trading sessions, the Sensex and Nifty advanced by 2.12% and 2.28%, respectively. The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 1.03% and the S&P BSE Small-Cap index added 1.19%. The market breadth was strong. On the BSE, 2,809 shares rose and 1,395 shares fell. A total of 131 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.42% to 14.69. Economy: Indias forex reserves dropped by $1.237 billion to $691.485 billion for the week ended May 30, the RBI said on Friday. For the week ended May 30, foreign currency assetsa major component of the reservesfell $1.952 billion to $584 billion, according to the RBI data. The gold reserves increased by $723 million to $84.305 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down by $2 million to $18.569 billion, the apex bank said. Indias reserve position with the IMF was also down by $6 million at $4.395 billion in the reporting week, the apex bank data showed. Buzzing Index: The Nifty PSU Bank rose 1.52% to 7,208.45. The index gained 2.3% in the two consecutive trading sessions. Bank of India (up 3.86%), Bank of Maharashtra (up 3.38%), Indian Bank (up 2.79%), Indian Overseas Bank (up 2.37%), Punjab National Bank (up 1.86%), Canara Bank (up 1.69%), Punjab & Sind Bank (up 1.56%), Union Bank of India (up 1.3%), Central Bank of India (up 1.26%) and State Bank of India (up 0.89%) advanced. Stocks in Spotlight: JSW Steel rose 0.24%. The company recorded consolidated steel production of 22.73 lakh tonnes in May 2025, which is higher by 8% as compared with the production volume of 20.98 lakh tonnes reported in May 2024. Mahindra & Mahindra (M&M) shed 0.52%. The company said that its total production jumped 27.56% to 89,626 units in the month of May 2025, compared with 70,261 units produced in the same period last year. HDFC Bank shed 0.01%. The bank said that the Mehta Family, throughthe Lilavatii Kirtilal Medical Trust, has filed an FIR against the bank and its MD and CEO Sashidhar Jagdishan in an attempt to thwart the recovery of the long outstanding loan dues owed to the bank. Persistent Systems added 1.98% after the companys board approved the reappointment of Dr. Anand Deshpande as the managing director (MD) of the company for the next term of 5 consecutive years. Multi Commodity Exchange of India (MCX) jumped 7.22% after the company said it received approval from the Securities and Exchange Board of India (SEBI) to launch electricity derivatives. Capri Global Capital surged 19.52% after the company launched the autopay facility for gold loans, eliminating the need for manual payments or branch visits. This new feature is designed to make gold loan repayments more convenient, secure, and hassle-free for customers. RailTel Corporation of India added 3.10% after the company announced that it has secured two significant work orders worth a total of Rs 259.07 crore from government entities in Bihar and Himachal Pradesh. Afcons Infrastructure added 2.65% after the firm received a letter of award (LoA) from Reliance Industries (RIL) worth Rs 700 crore for the execution of construction works related to the Vinyl Projects at Dahej, Gujarat. Glenmark Pharmaceuticals rose 0.68%. The drug maker announced the upcoming launch of zanubrutinib in India, following approval from the Drugs Controller General of India (DCGI). Larsen & Toubro (L&T) rose 0.69%. The company announced that its heavy civil infrastructure (HCI) vertical has secured a significant order from JSW Energy for the execution of the Bhavali pumped storage project (PSP) in the state of Maharashtra. Global Markets: European markets traded lower on Monday as global investors remained cautious ahead of the upcoming US-China trade talks, which are expected to take place in London. Asian stocks ended higher as investors awaited trade discussions between the United States and China and reviewed the latest economic data from China and Japan. China's consumer price index declined 0.1% year-on-year in May, unchanged from the previous month, according to government data released Monday. The producer price index fell 3.3% year-on-year, marking the sharpest decline in 22 months and following a 2.7% decrease in April. Japan's gross domestic product contracted 0.2% year-on-year in the JanuaryMarch quarter. While better than the preliminary estimate of a 0.7% decline, it reflected a reversal from 2.4% growth in the previous quarter. Reports indicated that China granted temporary approvals for rare earth exports, and Boeing resumed commercial aircraft deliveries to China. In the United States, equities closed higher on Friday following the release of nonfarm payroll data and news of upcoming trade talks. The US economy added 139,000 jobs in May, down from Aprils revised figure of 147,000. March payrolls were also revised lower to 120,000. Average hourly earnings increased by 0.1% on a monthly basis in May, resulting in a 0.4% annual pace, reflecting ongoing wage pressures. President Donald Trump stated that Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer would meet Chinese officials in London on Monday to discuss trade matters.
India Today
5 hours ago
- Business
- India Today
Who is Sashidhar Jagdishan? HDFC Bank CEO under financial fraud lens
Sashidhar Jagdishan, the Managing Director and Chief Executive Officer of HDFC Bank, is under investigation after an FIR was filed against him in connection with a financial fraud complaint was filed by the Lilavati Kirtilal Mehta Medical (LKKM) Trust, which runs the well-known Lilavati Hospital in Mumbai. The Trust has accused Jagdishan of receiving money in a matter that it claims was aimed at troubling the family of one of its current FIR was registered following a May 30 order from the Mumbai Magistrate Court, which directed the Bandra police to act on the complaint and file a formal case against Jagdishan and seven others. According to the Trust, a former member allegedly paid Jagdishan Rs 2.05 crore. The Trust claims to have provided handwritten diary entries as proof of this allegations say that this money was taken to support actions that were meant to harass the father of a current member of the Trust. As part of the complaint, the Trust has demanded strict action against the HDFC Bank IS SASHIDHAR JAGDISHAN?Sashidhar Jagdishan has been a part of HDFC Bank since 1996. He joined as a manager in the finance division and quickly rose through the ranks. By 1999, he had become the head of finance and, in 2008, was made the Chief Financial 2019, the bank named him as its 'strategic change agent', a role that placed him in charge of shaping future plans and key internal changes. The following year, in 2020, he was appointed as the Managing Director and CEO, taking over from Aditya Puri, who had led the bank for many holds a bachelor's degree in physics from the University of Mumbai. He also has a master's degree in economics of money, banking, and finance from the University of Sheffield in the UK. In addition, he is a Chartered Accountant, certified by the Institute of Chartered Accountants of 2023, the Reserve Bank of India approved his reappointment as MD & CEO for another three years. His term is now set to run until October 26, BANK RESPONDS TO THE FIRIn response to the FIR, HDFC Bank has defended its CEO. The bank issued a statement calling the charges 'baseless and malicious'. It said that Prashant Mehta, one of the Trust's current trustees, and his family members owe a large amount of money to the bank. These dues, according to the bank, have not been cleared bank also said it has taken legal advice and will fight the claims to protect its CEO's name and position. 'The Bank takes immense pride in the integrity and leadership of its MD & CEO,' the statement added. advertisement
