Latest news with #LKMMTrust
Hans India
10-07-2025
- Business
- Hans India
Lilavati Trust fires another salvo at HDFC Bank CEO
New Delhi: The Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) on Thursday claimed that 'it has brought to light a concealed appointment letter dated February 2, 2022, that confirms that the HDFC Bank CEO, Shashidhar Jagdishan was made Financial Advisor to the Trust without the knowledge, consent, or ratification of its Permanent Trustees Kishor Mehta and Charu Kishor Mehta.' 'As far as the trust knows, neither the board of HDFC, SEBI, RBI Governor or finance Ministry were in knowledge of this clandestine appointment,' the LKMM Trust said in a press statement. The statement alleges that this 'covert appointment was orchestrated by Chetan Mehta in collusion with Rekha Seth and other purported trustees, in what appears to be a deliberate and unlawful strategy to grant external access and control over the Trust's financial decisions and keep the illegal board in power. The appointment was never disclosed in any formal board proceedings, nor presented for approval to the founder trustees.' Prashant Mehta, Permanent Trustee of LKMM Trust, said, 'This appointment was carried out secretly by Chetan Mehta without any communication or approval from the permanent trustees - Mr. Kishor Mehta and Mrs. Charu Mehta.' 'What makes the appointment even more alarming is that it involves the active Managing Director and CEO of a major private sector bank, raising serious regulatory, ethical concerns and lapses. This appointment was neither transparent nor compliant with standards of fiduciary integrity expected in the banking sector,' according to the press statement. HDFC Bank was yet to reach to the latest allegations made by the LKMM Trust. Meanwhile, a fourth judge of the Bombay High Court on Wednesday recused himself from hearing HDFC Bank CEO and MD Sashidhar Jagdishan's plea against the FIR of cheating and fraud based on a complaint by the Lilavati Kirtilal Mehta Medical Trust, which runs the Lilavati Hospital in Mumbai. The Lilavati Kirtilal Mehta Medical Trust had alleged that Jagdishan had accepted kickbacks worth Rs 2.05 crore in exchange for providing financial advice to help the hospital's erstwhile trustees, including a certain Chetan Mehta, retain illegal control of the trust. Jagdishan had then approached the high court for quashing the FIR, arguing that it was baseless and malicious. When the matter came up before a division bench of justices Ravindra Ghuge and Gautam Ankhad on Wednesday, the latter recused himself from hearing it, without explaining why. After neither party raised any objection to the recusal, it was decided that the matter would be placed before another bench. that justice Ankhad is not a part of. Earlier the Supreme Court on July 4 refused to admit Jagdishan's plea seeking quashing of the FIR lodged against him in the Lilavati Kirtilal Mehta Medical Trust case, as the bench observed that the Bombay High Court was scheduled to hear his plea on July 14. A bench of Justices PS Narasimha and R Mahadevan said that it hopes and trusts that the matter will be taken up on July 14 for hearing. It further observed that it was improper on the part of the Supreme Court to intervene when Jagdishan's petition was listed before the Bombay High Court on July 14. The document directly aligns with several ongoing allegations, including the free treatment to family members, unauthorised deposit of Rs 48 crore, a Rs 2.05 crore bribe that is now under criminal investigation, and CSR payouts offered to be made without the consent of founder trustees or court approval. These overlapping activities only reinforce the Trust's legal argument that the appointment was not incidental, but part of a calculated and unlawful agenda to keep Mr. Chetan Mehta and his illegal board in control. The LKMM Trust reiterates that it remains committed to transparency, justice, and upholding the values on which the institution was built. The Trust continues to work through legal channels to expose all individuals involved in this exploitation and safeguard the hospital's mission.
Hindustan Times
21-06-2025
- Business
- Hindustan Times
Lilavati trust slaps ₹1,000-crore defamation suit on HDFC Bank CEO
MUMBAI: The legal confrontation between the Lilavati Kirtilal Mehta Medical Trust (LKMM Trust), which runs the prominent Lilavati Hospital in Bandra West, and HDFC Bank CEO Sashidhar Jagdishan escalated this week, with the trust filing a ₹ 1,000-crore defamation lawsuit against the banker. This move comes just two days after Jagdishan approached the Bombay High Court seeking to quash an FIR that accuses him of accepting a ₹ 2.05 crore bribe in a case linked to the trust. Lilavati trust slaps ₹ 1,000-crore defamation suit on HDFC Bank CEO Filed before a civil court, the suit accuses Jagdishan of making 'malicious, false, and defamatory statements' against the trust and its permanent trustee Prashant Mehta. In a strongly worded statement, the trust said the legal action was necessary to counter what it described as a 'coordinated campaign' to malign its reputation and obstruct its functioning as a public charitable institution. Separately, the trust has also filed a criminal complaint with a magistrate court in Girgaon. On June 16, the court issued notices to Jagdishan, HDFC Bank CEO Madhu Chibbar, the bank's corporate communications head, and others named in the complaint. 'This marks a significant step in holding the HDFC CEO accountable for what the trust alleges is a deliberate and sustained smear campaign,' the trust said. Responding to Jagdishan's court petition, the trust questioned his attempt to discredit valid judicial orders and FIRs. 'We have full faith in the Indian judiciary. Unlike Mr Jagdishan, who seeks to label due legal process as frivolous, we have followed the rule of law at every step,' it said. The trust also challenged HDFC Bank's claim of a ₹ 65 crore loan tied to Splendour Gems, a firm owned by the Mehta family. 'The bank initially cited an outstanding of ₹ 5 crore. This sudden escalation to ₹ 65 crore is an imaginary figure, a smokescreen created by Jagdishan to distract regulators and the public from his own corruption,' the trust alleged. Among the more serious accusations is that Jagdishan accepted free medical treatment and was involved in facilitating illegal financial transactions—including a ₹ 2.05 crore bribe, ₹ 48 crore in undisclosed deposits, and ₹ 1.5 crore allegedly routed to doctors under the guise of CSR. 'The ₹ 48 crore was deposited without the consent of founder-trustees and without mandatory high court approval, despite an operational injunction. This constitutes gross contempt of court,' the statement said. Calling the bank's allegations baseless and unsupported by documentation, the Trust reiterated that it has never been a borrower of HDFC Bank. 'On the contrary, we have been a lender—placing ₹ 48 crore in fixed deposits and bonds,' it said. 'This is not just a legal battle. It is a stand for truth and institutional accountability. When the head of a major financial institution targets a charitable trust with falsehoods while failing to back his claims with documents, it becomes clear the intent is not justice but intimidation,' said Prashant Mehta, permanent trustee of LKMM Trust. In his plea before the High Court two days ago, Jagdishan has strongly denied all allegations, calling the FIR 'malicious and vindictive' and accusing the complainant of misusing the name of the Lilavati Trust to settle personal scores.
Economic Times
11-06-2025
- Business
- Economic Times
Claims made by HDFC Bank don't add up: Lilavati Trust; HDFC denies charges
In a fresh attack on HDFC Bank MD and CEO Sashidhar Jagdishan, Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) on Wednesday said the claims made by the bank about a single loan are not consistent and it has never produced any official loan ledger or agreement in court regarding its transaction with the Trust. Refuting allegations, an HDFC Bank spokesperson in a statement said the allegations and insinuations made by the trustees are devoid of any iota of truth whatsoever and neither the bank nor its CEO has engaged in any activity that is illegal, unethical or improper. The LKMM Trust manages and runs the prestigious Lilavati Hospital in Mumbai. Various documents from the bank reflect widely inconsistent loan amounts for instance, Rs 4.8 crore was cited initially, Rs 450 crore in another filing, and now Rs 65.22 crore, LKMM said in a statement. "How can one of India's largest banks make three different claims about a single loan, and not back it up with a basic loan agreement and ledger?" LKMM Prashant Mehta, Permanent Trustee wondered. The LKMM Trust and Prashant Mehta maintained that they had never taken a loan from HDFC Bank, and these inconsistencies support that claim, rather than refute it. The bank's refusal to present even basic documents in court undermines the credibility of the entire case and hints at deliberate narrative manipulation, it alleged. The Trust also alleged that the Rs 2.05 crore bribe money was paid to HDFC Bank MD and CEO Sashidhar Jagdishan to help Chetan Mehta group remain illegally in control of the LKMM Trust. However, the HDFC Bank's spokesperson said, "We reiterate our unequivocal, categorical and unambiguous denial and condemnation of these egregiously malicious, false and defamatory allegations and insinuations." The bank said it is concerned about its stakeholders and is on the verge of taking strong legal actions as per expert advice, against those who are initiating these baseless allegations with malafide and ulterior motives or involved in propagating the same. Members of the public and media are urged to exercise their critical judgement in reporting or amplifying the unsubstantiated allegations and insinuations, the spokesperson added.
Time of India
11-06-2025
- Business
- Time of India
Claims made by HDFC Bank don't add up: Lilavati Trust; HDFC denies charges
In a fresh attack on HDFC Bank MD and CEO Sashidhar Jagdishan , Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) on Wednesday said the claims made by the bank about a single loan are not consistent and it has never produced any official loan ledger or agreement in court regarding its transaction with the Trust. Refuting allegations, an HDFC Bank spokesperson in a statement said the allegations and insinuations made by the trustees are devoid of any iota of truth whatsoever and neither the bank nor its CEO has engaged in any activity that is illegal, unethical or improper. The LKMM Trust manages and runs the prestigious Lilavati Hospital in Mumbai. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo Various documents from the bank reflect widely inconsistent loan amounts for instance, Rs 4.8 crore was cited initially, Rs 450 crore in another filing, and now Rs 65.22 crore, LKMM said in a statement. "How can one of India's largest banks make three different claims about a single loan, and not back it up with a basic loan agreement and ledger?" LKMM Prashant Mehta, Permanent Trustee wondered. Live Events MORE STORIES FOR YOU ✕ HDFC Bank says timing of allegations against CEO Sashidhar Jagdishan reveals 'devious' motive of Lilavati Trust Lilavati Trust says no dues owed to HDFC Bank « Back to recommendation stories I don't want to see these stories because They are not relevant to me They disrupt the reading flow Others SUBMIT The LKMM Trust and Prashant Mehta maintained that they had never taken a loan from HDFC Bank, and these inconsistencies support that claim, rather than refute it. The bank's refusal to present even basic documents in court undermines the credibility of the entire case and hints at deliberate narrative manipulation, it alleged. The Trust also alleged that the Rs 2.05 crore bribe money was paid to HDFC Bank MD and CEO Sashidhar Jagdishan to help Chetan Mehta group remain illegally in control of the LKMM Trust. However, the HDFC Bank's spokesperson said, "We reiterate our unequivocal, categorical and unambiguous denial and condemnation of these egregiously malicious, false and defamatory allegations and insinuations." The bank said it is concerned about its stakeholders and is on the verge of taking strong legal actions as per expert advice, against those who are initiating these baseless allegations with malafide and ulterior motives or involved in propagating the same. Members of the public and media are urged to exercise their critical judgement in reporting or amplifying the unsubstantiated allegations and insinuations, the spokesperson added.
New Indian Express
10-06-2025
- Business
- New Indian Express
Lilavati Trust-HDFC Bank feud attracts high reputational risk amidst legal conflicts, say banking experts
CHENNAI: As the feud between the Mehta family-owned Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) and HDFC Bank intensifies, banking sector analysts believe that while the resolution will ultimately depend on the outcomes of ongoing legal proceedings, the case serves as a telling example of the challenges financial institutions face in managing reputational risks. The Medical Trust has now come forward with a fresh set of allegations against HDFC Bank CEO Sashidhar Jagdishan, including claims of bribery and forgery, and a denial of any outstanding dues to HDFC Bank. HDFC Bank on Sunday dismissed the Trust's previous allegations as 'malicious and baseless,' stating that the Mehta family, having exhausted all other options in the alleged loan default matter, is now 'launching personal attacks' on the bank and its executives in an effort to damage their reputation and pressure the bank into halting recovery efforts. Two banking analysts told The New Indian Express that the escalating feud underscores the complexities of financial disputes involving prominent institutions. The recent allegations against HDFC Bank's CEO are considered particularly serious and could have far-reaching implications. Both HDFC Bank and the LKMM Trust are now under intense public scrutiny. For HDFC Bank, accusations of harassment and fraud threaten its reputation as a leading financial institution. Meanwhile, the Trust's ongoing involvement in highly public legal battles may affect its image as a reputable healthcare provider. According to reports, the dispute dates back to a loan default by Splendour Gems Limited, a company owned by the Mehta family. The company had taken loans from HDFC Bank and a consortium of other banks in 1995, which it defaulted on in 2001. Despite a recovery certificate issued by the Debt Recovery Tribunal in 2004 and several enforcement actions since, around ₹65.22 crore remains unpaid as of May 31, 2025. On June 8, 2025, the LKMM Trust filed a First Information Report (FIR) against HDFC Bank's MD and CEO, Sashidhar Jagdishan, accusing him of financial fraud, criminal conspiracy, abuse of fiduciary duty, evidence tampering, and obstruction of justice. Among the accusations is a claim involving a ₹2.05 crore financial transaction allegedly intended to harass an elderly relative of a trustee, supported by entries in a seized cash diary. Law enforcement authorities are reportedly treating the matter seriously. In a statement issued the same day, HDFC Bank firmly rejected the allegations, reiterating that they are 'malicious and baseless.' The bank emphasized that the Mehta family is now resorting to personal attacks in an effort to derail legitimate recovery proceedings. 'The resolution of this dispute will hinge on the outcomes of ongoing legal proceedings. Both parties are expected to continue using legal avenues to assert their positions,' analysts said. They added that the case is a textbook example of the reputational risks that financial institutions face when entangled in legal battles. While HDFC Bank's strong rebuttal demonstrates its intent to defend its legal rights and uphold corporate governance standards, the public nature of the conflict may still cause reputational damage. Legal experts concur that such high-profile disputes can erode stakeholder trust and investor confidence. Managing public perception will remain a major challenge for both sides. As legal proceedings unfold, reputational risk will continue to be a critical concern for both HDFC Bank and the Lilavati Kirtilal Mehta Medical Trust, they added.
