
HDFC Bank Managing Director and CEO Sashidhar Jagdishan has approached the Supreme Court seeking the quashing of an FIR filed against him by the Lilavati Kirtilal Mehta Medical Trust, which runs Mumbai’s renowned Lilavati Hospital.
The petition was mentioned before a bench comprising Justices M.M. Sundresh and K. Vinod Chandran on Thursday by senior advocate Mukul Rohatgi, who sought an urgent listing of the matter.
“Frivolous FIR” Meant to Arm-Twist the Bank, Says Counsel
Appearing for Jagdishan, Rohatgi described the FIR as a pressure tactic in an ongoing dispute among trustees of the Lilavati Trust. “A frivolous FIR has been lodged against the MD and the Bank by trustees of the Lilavati Hospital, who are already litigating against another group of trustees,” he told the court.
“The bank is merely trying to recover dues from the Trust, and this FIR has been initiated only to twist the bank’s arm,” he added, stressing the urgency of the matter.
He also pointed out that three separate benches of the Bombay High Court had recused themselves from hearing the plea, further delaying justice. “Now the next date is July 14, which is also tentative. Every day the bank is suffering,” Rohatgi argued.
Allegations
According to the complaint filed by the Trust, Jagdishan allegedly accepted a bribe of ₹2.05 crore for offering financial advice that allegedly benefited the Chetan Mehta Group, allowing it to retain control over the hospital’s affairs. The Trust claims that Jagdishan exploited his leadership position at HDFC Bank to meddle in internal matters of a charitable organisation.
The FIR, registered at Bandra police station following an order from a local magistrate under Section 175(3) of the Bharatiya Nagarik Suraksha Sanhita (BNSS), includes charges of cheating, criminal breach of trust, and criminal breach of trust by a public servant.
Court To Hear The Case On July 4
Taking note of the delay and ongoing legal complications, the Supreme Court has agreed to hear the matter on July 4. The petition seeks to have the FIR dismissed entirely, arguing that it is not only baseless but also motivated by internal power struggles within the Trust.
The case has sparked concern within financial and corporate circles given Jagdishan’s position at the helm of one of India’s largest private sector banks. While the allegations centre around an external dispute, the legal uncertainty and reputational risks have potential consequences for the bank’s leadership and operations.
As the July 4 hearing approaches, the Supreme Court’s decision could determine how such disputes involving private individuals, charitable trusts, and corporate institutions are addressed by the judiciary.
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