Looking at HDFC Bank CEO Sashidhar Jagdishan's annual payout as lender faces trust fund fraud claims
Let's take a look at how much the executive earns per year amid the financial fraud allegations from Lilavati Kirtilal Mehta Medical Trust. The Lilavati trust is owned and controlled by the Mehta family.
On Sunday, 8 June 2025, the trust which oversees Lilavati Hospital in Mumbai called upon the board of directors of HDFC Bank, seeking the suspension and legal prosecution of the CEO over an alleged involvement in a financial fraud and fund corruption case related to the trust.
The Mehta family also lodged an FIR against the HDFC Bank CEO on Sunday after the Lilavati Trust allegations. Along with the CEO, the Trust accused eight individuals, including former bank employees, of financial fraud and misappropriation of the trust's funds.
The Mehta family-owned 'Splendour Gems Ltd' defaulted on its loans from HDFC Bank and other consortium banks in 2001. The loans were granted to the entity in 1995.
HDFC Bank CEO Sashidhar Jagdishan earns around ₹ 10.76 crore annually as of the financial year ended 2023-24, according to the annual report of the private lender.
Jagdishan's salary breakup consists of ₹ 2,94,35,661 or over ₹ 2.94 crore as a basic salary, ₹ 3,32,10,228 or more than ₹ 3.32 crore as allowances and perquisites, ₹ 35,32,285 or over ₹ 35 lakh in provident fund, ₹ 44,15,352 or more than ₹ 44 lakh in superannuation, and ₹ 3,71,20,846 or over ₹ 3.74 crore in performance bonus, according to the company filing.
The CEO was granted a total of 2,09,131 ESOPs (Employee Stock Option Plans), and the ratio of Jagdishan's salary to the median employee salary was at 167.70:1 for FY2023-24.
According to the filing data, Sashidhar Jagdishan received a cash variable pay of ₹ 5 crore for his performance in the year 2022-23, paid in FY2023-24. However, this was not included in the variable pay component of the 2024 fiscal.
HDFC Bank CEO Sashidhar Jagdishan also received ₹ 2.90 crore as dividend from the institutional lender for all the equity shares he owns in the company. Jagdishan holds 17,09,143 equity shares in HDFC Bank as of the year ended 31 March 2024.
Sashidhar Jagdishan was reappointed as the MD and CEO of HDFC Bank for a period of three years from 27 October 2023 to 26 October 2026, with both days included in his term.
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