HDFC Bank CEO Sashidhar Jagdishan Seeks Quashing of FIR Against Him

Strategic Insights -

The Bombay High Court has been approached by HDFC Bank CEO Sashidhar Jagdishan seeking to quash the FIR filed against him by the Lilavati Kirtilal Mehta Medical Trust (LKMM Trust), which oversees the Lilavati Hospital in Bandra (West), a prominent healthcare institution in Mumbai. Jagdishan has claimed that the FIR is baseless and malicious, and was filed as a retaliatory move due to HDFC Bank's recovery proceedings initiated against Splendour Gems Limited, a company owned by the Mehta family, which had defaulted on loans to the tune of Rs 65.22 crore.

Key Takeaways:

  • HDFC Bank CEO Sashidhar Jagdishan has filed a plea in the Bombay High Court seeking to quash the FIR filed against him by the Lilavati Kirtilal Mehta Medical Trust (LKMM Trust).
  • The FIR was filed on May 29 and accused Jagdishan of accepting a bribe of Rs 2.05 crore to help a group of individuals retain illegal control over the trust.
  • Jagdishan claimed that the FIR was a "retaliatory move" due to HDFC Bank's recovery proceedings initiated against Splendour Gems Limited, which had defaulted on loans to the tune of Rs 65.22 crore.
  • The trust, through its authorized representative Prashant Mehta, had filed a complaint contending that Jagdishan had accepted bribes from Chetan Mehta and others to harass the father of one of the present trustees.
  • The Bombay High Court has since recused two judges from hearing the matter, and the case will now be assigned to another bench.
  • Jagdishan has also sought a stay on the inquiry against him and has requested that there should be no coercive action taken against him, pending the hearing of his plea.

Statistics:

  • Amount of bribe allegedly accepted by Jagdishan: Rs 2.05 crore
  • Total amount of loans defaulted by Splendour Gems Limited: Rs 65.22 crore
  • Total amount of trust funds allegedly embezzled by Chetan Mehta and others: Rs 2.25 crore
  • Number of sections of the Indian Penal Code (IPC) invoked in the FIR: 3 (406, 409 and 420)
  • Date of FIR being registered: May 31

Sources:

  • "HDFC Bank CEO Sashidhar Jagdishan Challenges FIR" - IE Online Media Services Pvt. Ltd., Copyright 2025
  • "HDFC Bank CEO Seeks Quashing of FIR" - Contify.com