HDFC Bank CEO moves Supreme Court to quash FIR filed by Lilavati Trust, hearing on July 4

New Delhi, July 3 (IANS) HDFC Bank CEO and Managing Director Sashidhar Jagdishan has filed a petition in the Supreme Court to quash the first information report (FIR) lodged against him on a complaint by the Lilavati Kirtilal Mehta Medical Trust, alleging that he has accepted a bribe of Rs 2.05 crore.

Senior Advocate Mukul Rohatgi, appearing on behalf of Jagdishan, argued that the case was filed as part of an arm-twisting tactic to pressure the bank which had to recover money from the Trust.

Responding to the plea, Justice MM Sundresh directed that the case be listed for hearing on Friday (July 4).

Calling the FIR “frivolous”, Rohatgi informed the court that at least five judges of the Bombay High Court had recused themselves from hearing the petition filed by Jagdishan to quash the FIR.

The matter had come up for hearing in the Bombay High Court on June 30, when Jagdishan's counsel sought interim relief in the case. However, noting that there is no urgency in the matter, the High Court listed the matter on July 14. This prompted him to move the Supreme Court for relief.

The FIR, registered last month at the Bandra police station in Mumbai under Sections 406 (criminal breach of trust), 409 (criminal breach of trust by a public servant), and 420 (cheating) levels serious allegations against Jagdishan.

The Trust has alleged in its complaint that Jagdishan accepted a bribe of Rs 2.05 crore as a quid pro quo for providing financial advice to help the Chetan Mehta Group retain illegal and undue control over the governance of the Trust. It has accused Jagdishan of misusing his position as the head of a leading private sector bank to interfere in the internal affairs of a charitable organisation.

In his plea, Jagdishan has strongly denied the allegations, calling the case a malicious attempt to defame him and HDFC Bank. He stated that HDFC, along with a consortium of banks, had granted loans to Splendor Gems Limited in 1995.

When the firm defaulted, recovery proceedings were launched in 2002 against its guarantors, including Kishor Mehta, Prashant Mehta’s father. An arrest warrant was issued in 2020, and though Kishor Mehta passed away in 2024, the proceedings continued against his sons.

--IANS

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