HDFC Bank CEO Sashidhar Jagdishan Moves Supreme Court to Quash FIR against Him

Strategic Insights -

The Supreme Court has agreed to take up a petition filed by HDFC Bank's managing director and CEO Sashidhar Jagdishan on July 4, seeking the quashing of a first information report (FIR) registered against him for alleged cheating and criminal breach of trust. The case was initiated by the Lilavati Kirtilal Mehta Medical Trust, which accused Jagdishan of accepting Rs.2.05 crore in bribes to aid a group's illegal control over the governance of the Trust. The FIR was registered by the Bandra Police following a May 29 order by a local magistrate, and Jagdishan has termed the FIR "retaliatory" and "motivated".

Key Takeaways:

  • The Supreme Court has agreed to take up the petition filed by HDFC Bank's CEO Sashidhar Jagdishan to quash the FIR registered against him for alleged cheating and criminal breach of trust.
  • The case was initiated by the Lilavati Kirtilal Mehta Medical Trust, which accused Jagdishan of accepting Rs.2.05 crore in bribes to aid a group's illegal control over the governance of the Trust.
  • The FIR was registered by the Bandra Police following a May 29 order by a local magistrate, and Jagdishan has termed the FIR "retaliatory" and "motivated".
  • 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 comes amid mounting litigation over the functioning and control of the Lilavati Trust, which manages the renowned Lilavati Hospital in Mumbai's Bandra.
  • The Trust alleged that payments to Jagdishan were made at the behest of Chetan Mehta and others to tilt the Trust's internal decisions against Kishor Mehta and his family.
  • A diary purportedly found by Prashant Mehta allegedly recorded these payments, which became the basis of the complaint.
  • Jagdishan has urged the courts to quash the FIR and halt the investigation in the interim, highlighting that repeated recusals by high court judges had resulted in inordinate delays, jeopardising his reputation and liberty.

Statistics:

  • Rs.2.05 crore: the amount allegedly received by Jagdishan in bribes to aid a group's illegal control over the governance of the Trust.
  • Rs.65.22 crore: the amount reportedly owed by Splendour Gems, the firm owned by Chetan Mehta's family, to HDFC Bank.
  • Rs.14.74 crore: the amount defaulted on by Splendour Gems in loans dating back to the 1990s.
  • Rs.2.25 crore: the amount allegedly embezzled from the Trust's funds by Chetan Mehta and others.
  • May 29: the date on which the local magistrate ordered the registration of the FIR against Jagdishan.
  • June 30: the date on which the Bombay High Court refused to expedite Jagdishan's petition, rejecting the urgency plea.
  • July 4: the date on which the Supreme Court will take up the petition filed by Jagdishan to quash the FIR.

Sources:

  • Hindustan Times, "HDFC Bank CEO Sashidhar Jagdishan moves Supreme Court to quash FIR against him"