Latest news with #SplendourGemsLtd
Mint
15 hours ago
- Business
- Mint
HDFC Bank stock to be in focus after Mehta family's FIR against CEO over Lilavati Trust allegations
HDFC Bank shares are set to be in focus of stock market investors on Monday, 9 June 2025, after the Mehta family filed an FIR (First Information Report) against the Managing Director and Chief Executive Officer (CEO) Sashidhar Jagdishan on Sunday. The institutional lender called the FIR action 'malicious and baseless' and said that the senior officials are currently being targeted by 'unscrupulous persons' who aim to abuse the legal process of recovering long outstanding loans from a defaulter named Splendour Gems Ltd. 'Having exhausted all legal avenues without success, these individuals have now resorted to launching personal attacks against HDFC Bank and its MD & CEO in a clear attempt to malign their reputation and intimidate HDFC Bank into halting its recovery actions,' said the bank in the official statement. This FIR comes despite the Debt Recovery Tribunal order from 2004, which granted HDFC Bank the 'recovery certificate' for the outstanding dues, which remain 'substantially unpaid' by the defaulter. The Mehta family-owned Splendour Gems defaulted on its loans in 2001. Lilavati Kirtilal Mehta Medical Trust is also owned and controlled by the Mehta family, which was seeking the HDFC Bank CEO's suspension and legal prosecution over alleged involvement in financial fraud and fund corruption related to the trust. According to Mint's earlier report, the Lilavati Trust has also accused eight individuals, including former bank employees, of financial fraud and misappropriation of the trust's funds. The bank plans to pursue legal methods to recover public funds and will address the retaliatory actions taken by the Mehta family. HDFC Bank shares closed 1.42 per cent higher at ₹ 1,978.70 after Friday's stock market session, compared to ₹ 1,950.90 at the previous market close. The company disclosed the FIR filing on Sunday evening, 8 June 2025. The shares of the largest private bank in India have given stock market investors more than 100 per cent return on their investment in the last five years and 26.69 per cent gains in the last one-year period. On a year-to-date (YTD) basis, the shares have gained 10.95 per cent in 2025, and are trading 3.39 per cent higher in the last five trading sessions. HDFC shares hit their 52-week high levels at ₹ 1,996.30 on Friday, 6 June 2025, while the 52-week low level was at ₹ 1,546.85 on 6 June 2024, exactly one year ago. The institutional lender's market capitalisation (M-Cap) stands at over ₹ 15.15 lakh crore as of the market close on Friday, 6 June 2025. Read all stories by Anubhav Mukherjee Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
16 hours ago
- Business
- Mint
Mehta family files FIR against HDFC Bank CEO Sashidhar Jagdishan after Lilavati Trust allegations
The Mehta family filed an FIR (First Information Report) against HDFC Bank's Managing Director and Chief Executive Officer (CEO) Sashidhar Jagdishan after the Lilavati Trust allegations on Sunday, 8 June 2025, according to an exchange filing. According to the bank's filing on BSE, HDFC Bank's senior officials are currently being targeted by 'unscrupulous persons' who aim to abuse the legal process of recovering a long outstanding loan from a defaulter named Splendour Gems Ltd. The bank called the FIR action 'malicious and baseless' on Sunday. The private lender also said that, as 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. 'Having exhausted all legal avenues without success, these individuals have now resorted to launching personal attacks against HDFC Bank and its MD & CEO in a clear attempt to malign their reputation and intimidate HDFC Bank into halting its recovery actions,' said the bank. This development comes despite the 2004 Debt Recovery Tribunal order, which issued a 'recovery certificate' on top of the dues, which remain 'substantially unpaid.' Splendour Gems, which is owned by the Mehta family, defaulted on its loans in 2001. These loans were granted to the entity in 1995 by HDFC Bank along with other consortium banks, according to the filing. Lilavati Kirtilal Mehta Medical Trust is owned and controlled by the Mehta family. This is the same trust which sought the HDFC Bank CEO's suspension and prosecution over his alleged involvement in financial fraud and corruption related to the trust. Along with the HDFC CEO Sashidhar Jagdishan, the Lilavati Trust has accused eight individuals, including former bank employees, of financial fraud and misappropriation of the trust's funds. The largest private institutional lender on Sunday said that it is willing to continue pursuing legal methods to recover public funds and will address the retaliatory actions taken by the Mehta family. '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 private lender in its official statement. HDFC Bank shares will be in focus tomorrow, Monday, 9 June 2025, to determine what investors feel about the development and the Mehta family targeting the institutional lender. HDFC Bank shares closed 1.42 per cent higher at ₹ 1,978.70 after Friday's stock market session, compared to ₹ 1,950.90 at the previous market close. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
