HDFC Bank CEO Moves Bombay High Court to Quash FIR Filed by Lilavati Hospital Trust

Mumbai, June 14 — HDFC Bank’s Managing Director and CEO Sashidhar Jagdishan has approached the Bombay High Court, asking it to cancel a police complaint (FIR) filed against him by the Lilavati Kirtilal Mehta Medical Trust, which owns Mumbai’s well-known Lilavati Hospital.

Judges Step Aside, Case to Be Heard by Another Bench

The case came up for hearing on Wednesday before a bench of Justice AS Gadkari and Justice Rajesh Patil. However, both judges recused themselves from the matter. A new bench will now be assigned to hear the case, according to a report by Bar and Bench.

What Is the FIR About?

Earlier this month, the Lilavati Trust filed an FIR accusing Jagdishan of accepting a bribe of ₹2.05 crore to help the Chetan Mehta group illegally retain control over the Trust. The complaint claims the payment was revealed in a seized cash diary that allegedly shows ₹14.42 crore in misused funds, with ₹2.05 crore linked directly to Jagdishan.

The FIR demanded Jagdishan’s immediate suspension from all executive and board roles at HDFC Bank and also notified the RBI, SEBI, and the Finance Ministry.

HDFC Bank Denies All Allegations

HDFC Bank has strongly denied all charges against its CEO. Representing Jagdishan in court, Senior Advocate Amit Desai called the allegations “absurd.”

According to Bar and Bench, Desai said,

“It’s one of the most absurd allegations – that he took money from trustees to harass borrowers. It makes no sense.”

He added that the FIR appears to be a retaliation from the Trust because HDFC Bank had initiated recovery proceedings against Splendour Gems Limited, a company owned by the Mehta family. The company reportedly defaulted on loans worth ₹65.22 crore as of May 31.

Trust Responds

In an earlier statement on June 7, the Trust claimed that their FIR was not just based on allegations, but on what they describe as “solid evidence” linking Jagdishan to the financial misconduct.

Why This Matters:

The case involves serious corruption allegations against the top executive of one of India’s largest banks.
The outcome could impact corporate governance, public trust, and regulatory scrutiny in India’s financial sector.