Lilavati Hospital Trust Files Rs.1,000-crore Defamation Lawsuit Against HDFC Bank CEO Sashidhar Jagdishan

Strategic Insights -

The Lilavati Kirtilal Mehta Medical Trust (LKMM Trust), which runs the prominent Lilavati Hospital in Bandra West, has filed a Rs.1,000-crore defamation lawsuit against HDFC Bank CEO Sashidhar Jagdishan, escalating a legal confrontation between the two parties. This move comes just two days after Jagdishan approached the Bombay High Court seeking to quash an FIR that accuses him of accepting a Rs.2.05 crore bribe in a case linked to the trust. The trust alleges that Jagdishan has made "malicious, false, and defamatory statements" against it and its permanent trustee Prashant Mehta, and has launched a "coordinated campaign" to malign its reputation and obstruct its functioning as a public charitable institution.

Key Takeaways:

  • The LKMM Trust has filed a Rs.1,000-crore defamation lawsuit against HDFC Bank CEO Sashidhar Jagdishan, alleging that he made "malicious, false, and defamatory statements" against the trust and its permanent trustee Prashant Mehta.
  • The trust has also filed a criminal complaint with a magistrate court in Girgaon, accusing Jagdishan of accepting a Rs.2.05 crore bribe and facilitating illegal financial transactions worth Rs.48 crore and Rs.1.5 crore.
  • The trust has challenged HDFC Bank's claim of a Rs.65 crore loan tied to Splendour Gems, a firm owned by the Mehta family, alleging that the figure is an "imaginary" and "smokescreen" created by Jagdishan.
  • The trust has denied being a borrower of HDFC Bank, stating that it has instead been a lender, plating Rs.48 crore in fixed deposits and bonds.
  • The fight is not just about a Rs.1,000-crore defamation case, but also a stand for truth and institutional accountability, according to Prashant Mehta, permanent trustee of LKMM Trust.

Statistics:

  • Rs.2.05 crore: The alleged bribe accepted by HDFC Bank CEO Sashidhar Jagdishan.
  • Rs.48 crore: The alleged amount of undisclosed deposits made by HDFC Bank, without the consent of the founder-trustees and without mandatory high court approval.
  • Rs.1.5 crore: The alleged amount of money routed to doctors under the guise of CSR, facilitated by Jagdishan.
  • Rs.65 crore: The alleged loan tied to Splendour Gems, a firm owned by the Mehta family, claimed by HDFC Bank, which the trust alleges is an "imaginary" figure.
  • Rs.1,000 crore: The amount of the defamation lawsuit filed by the LKMM Trust against HDFC Bank CEO Sashidhar Jagdishan.

Sources:

  • Hindustan Times
  • Published by HT Digital Content Services