HDFC Bank CEO Moves High Court To Quash FIR In Lilavati Hospital Trust Case

HDFC Bank Managing Director and Chief Executive Officer Sashidhar Jagdishan has approached the Bombay High Court seeking to quash a first information report alleging his involvement in financial irregularities related to the Lilavati Kirtilal Mehta Medical Trust, which manages Lilavati Hospital in Bandra, Mumbai.

The FIR was filed in May following an order by a Bandra magistrate’s court, based on a seized cash diary that allegedly revealed misappropriation of ₹144.20 million by some of the trust’s former trustees. The complaint, filed by the trust, alleges that Jagdishan received ₹20.50 million as a bribe to help these trustees retain illegal control over the trust.

Jagdishan has also requested the court to stay the investigation against him and prevent any coercive actions, including the filing of a charge sheet, arguing that he would "suffer grave loss and irreparable injury" otherwise.

Earlier this month, HDFC Bank rejected the allegations, stating that “HDFC Bank’s MD and CEO Mr Sashidhar Jagdishan is being targeted by unscrupulous persons who are abusing the legal process to thwart the recovery of the long outstanding loan due to the bank from recalcitrant defaulters.”