Latest news with #LilavatiKirtilalMehtaMedicalTrust
Hindustan Times
5 days ago
- Hindustan Times
No summons to HDFC Bank CEO but probe at crucial stage: Police to HC
MUMBAI: Following the recusal of four Bombay high court judges, a division bench of justices Makarand Karnik and NR Borkar on Monday finally heard a petition filed by HDFC Bank chief executive Sashidhar Jagdishan seeking to quash a bribery case registered against him by the trust that manages the city's prominent Lilavati Hospital. Mumbai...13 May Lilavati Hospital, Bandra where Savio underwent a cardiac surgery in February, but suffered burn injuries after the by menaka Photo by Kalpak Pathak. During the hearing on Monday, the police informed the bench that the investigation against Jagdishan was at a crucial stage, but no summons would be issued to him. Meanwhile, the Lilavati Kirtilal Mehta Medical Trust, which manages the Lilavati Hospital, has also filed a separate petition seeking the transfer of the case to the Central Bureau of Investigation (CBI) due to the lack of police action against Jagdishan. The trust had alleged that Jagdishan had accepted kickbacks worth ₹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. The FIR was registered on May 29 under sections 406 (criminal breach of trust), 409 (criminal breach of trust by a public servant) and 420 (cheating) of the Indian Penal Code, pursuant to orders issued by a metropolitan magistrate court. Jagdishan had then approached the high court for quashing the FIR, arguing that it was baseless and malicious. However, over the last month, four high court judges recused themselves from hearing Jagdishan's petition. The case was first listed before a bench of justices Ajey Gadkari and Rajesh Patil on June 18. Justice Patil, however, recused himself from hearing the matter. 'My brother (justice Patil) does not take up matters relating to HDFC,' justice Gadkari had said, without elaborating further. The matter was then mentioned before a bench led by justice Sarang Kotwal. However, he, too, recused himself without providing an explanation. On June 26, when the matter was listed before a bench of justices MS Sonak and Jitendra Jain, the latter disclosed that he held shares of HDFC Bank. Advocate Nitin Pradhan, the counsel for the trust's authorised representative, Prashant Mehta, objected to this, following which justice Jain recused himself from the matter. When the matter came up before a division bench of justices Ravindra Ghuge and Gautam Ankhad on July 9, the latter recused himself from hearing it, without explaining why. Jagdishan then approached the Supreme Court for relief, arguing that he hadn't got a hearing in the Bombay high court for three weeks. He also claimed he had nothing to do with the matter and it was affecting his personal reputation. However, the apex court did not entertain his plea, observing that the matter was already listed for hearing before the Bombay high court. The high court will now take up the matter on July 23.
Hindustan Times
12-07-2025
- Business
- Hindustan Times
Another allegation of financial misconduct against HDFC bank CEO
NAGPUR: Already mired in a case of financial fraud involving the Lilavati Kirtilal Mehta Medical Trust, which runs the Lilavati Hospital in Mumbai, HDFC Bank's managing director and CEO Sashidhar Jagdishan is now facing an allegation of financial misconduct and misappropriation of funds, along with other senior officers of the bank, from a trader based in Nagpur. Another allegation of financial misconduct against HDFC bank CEO The Economic Offences Wing (EOW) of Nagpur police have initiated an investigation against the senior officers of the bank, including Jagdishan, for siphoning off approximately ₹6 crore from the account of Narendra Singru, a Nagpur-based trader. According to a complaint filed by Singru's lawyer, Ashutosh Ranjan, the Dhantoli branch of HDFC Bank had taken a bond of ₹6 crore from Singru nearly three years ago and invested it in overseas agencies, including entities based in Bahrain. The complaint alleges that the bank failed to disclose the risks associated with the investment and eventually reduced the account balance to zero, without informing the account holder. Ranjan claimed that the entire process was executed with the intent to steal the invested amount. 'It is a clear-cut case of financial fraud. The bank never warned my client of the associated risks, and the funds were deliberately drained,' he said, demanding strict action against the responsible officials. Others named in the complaint include, Komal Gupta (regional head), Ashish Nichani (associate director), and Yash Gajaria (relationship manager) of HDFC Bank. Deputy commissioner of police (EOW), Nagpur city, Mahak Swami confirmed that the complaint was received by the department. 'We have just received the complaint. The matter is under inquiry and investigations are on,' she said.
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.
Mint
04-07-2025
- Business
- Mint
Supreme Court refuses to hear HDFC Bank CEO Sashidhar Jagdishan's plea seeking to quash Lilavati Trust FIR
New Delhi: The Supreme Court on Friday dismissed a plea by HDFC Bank's managing director and chief executive, Sashidhar Jagdishan, seeking an urgent hearing on his petition to quash an FIR lodged against him by the Lilavati Kirtilal Mehta Medical Trust, which runs Mumbai's Lilavati Hospital. A bench comprising Justices P.S. Narasimha and R. Mahadevan declined to intervene as the Bombay high court has already scheduled the matter for hearing on 14 July. The apex court said it did not wish to interfere with the high court's proceedings and asked it to hear the case on the fixed date. 'If you are not heard then come here. We sympathise that quash proceedings were initiated in June and bench after bench has recused. We understand that. But now that it is listed…,' the bench noted. Jagdishan approached the Supreme Court after three Bombay high court judges recused themselves from hearing the matter, leading to delays. Senior advocate Mukul Rohatgi, appearing for Jagdishan, argued that the FIR was causing serious reputational harm to the bank. 'For the last three weeks, we haven't got a hearing in the high court. I am the MD. I have nothing to do [with this matter]. I am being roped in, the bank is suffering. I want interim protection till the matter is heard. The bank has been dragged into a private dispute. The idea is to summon him to the police station. It is affecting my personal reputation,' Rohatgi submitted. In April, the Lilavati Kirtilal Mehta Medical Trust approached the Judicial Magistrate First Class, seeking an investigation into alleged misconduct by Jagdishan. According to the complaint filed by Prashant Mehta, son of late Kishor Mehta (former director at Splendour Gems Ltd), Jagdishan allegedly accepted a bribe of ₹ 2.05 crore between March and June 2022 in exchange for providing strategic advice to help the Chetan Mehta Group retain control over the trust's governance. The complaint traced its origins to a long-standing financial dispute. Splendour Gems had availed loans from a consortium led by HDFC Bank in 1995. After defaulting, recovery proceedings began in 2002, and in 2004, the Debts Recovery Tribunal ordered repayment of ₹ 14.74 crore with 16% interest. Prashant Mehta alleged that his father's death in 2024 was caused by 'mental and physical harassment' due to the bank's recovery process. Upon taking charge of the company, he claimed to have discovered diary entries indicating payments to Jagdishan. On 29 May, the judicial magistrate directed Bandra Police to register an FIR under IPC Sections 406 (criminal breach of trust), 409 (criminal breach of trust by banker/public servant), and 420 (cheating), and investigate the allegations. Two days later, Bandra Police registered the FIR against Jagdishan, Chetan Mehta, and six others. A separate FIR was also filed against Chetan Mehta, Phoenix ARC Pvt. Ltd, and others for alleged embezzlement of ₹ 2.25 crore from the Trust. The Trust further alleged that Jagdishan misused his position at HDFC Bank to interfere in its internal governance and that he and his family received free medical treatment from Lilavati Hospital, a benefit never formally acknowledged. It also claimed a potential conflict of interest, stating that the Trust had deposits and investments worth ₹ 48 crore with HDFC Bank since 2022. The complaint alleged that ₹ 1.5 crore was offered as purported CSR funds to facilitate the destruction or forgery of evidence relating to internal disputes. Jagdishan then approached the Bombay High Court last week, seeking to quash the 29 May order and the FIR, along with an interim stay on the investigation and protection from any coercive action. However, the high court declined to grant urgent relief on 30 June and scheduled the matter for 14 July.
Time of India
03-07-2025
- Business
- Time of India
Lilavati Trust FIR: SC grants urgent hearing to HDFC Bank chief
New Delhi: The on Thursday agreed to grant an urgent hearing on CEO and managing director Sashidhar Jagdishan's plea challenging an FIR lodged against him on a complaint by the Lilavati Kirtilal Mehta Medical Trust, and listed the case for July 4. Tired of too many ads? go ad free now Senior advocate Mukul Rohatgi mentioned the case before a bench of Justices M M Sundresh and Vinod Chandran and the case has been listed before a bench of Justices P S Narasimha and R Mahadevan. Rohatgi submitted that hearing on Jagdishan's plea before the Bombay High Court was getting delayed as three judges so far recused themselves in the case and pleaded that he was left with no option but to approach SC, as the case had now been posted to July 14. The FIR was lodged in Bandra Police Station and as per the complaint filed by the Trust, Jagdishan allegedly accepted a bribe of Rs 2.05 crore in exchange for providing financial advice to help the Chetan Mehta Group retain illegal and undue control over the Trust's governance. The Trust claimed that Jagdishan and his family received free medical treatment from Lilavati Hospital. The matter was mentioned before the HC on June 30, when Jagdishan's counsel pressed for interim relief. However, noting that there is no urgency in the matter, the HC listed the matter for July 14. This prompted him to move the SC for relief. tnn
