HDFC Bank MD, CEO Jagdishan moves HC to quash FIR against him
This story was originally published at 20:30 IST on 18 June 2025
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NEW DELHI – HDFC Bank Managing Director and Chief Executive Officer Sashidhar Jagdishan moved the Bombay High Court Wednesday seeking to quash a first information report for alleged involvement in fraudulent activities concerning the financials of the Lilavati Kirtilal Mehta Medical Trust. The trust runs the Lilavati Hospital in Bandra, Mumbai.
The first information report against Jagdishan and other officials of the bank was registered in May on an order from a magistrate's court at Bandra after a seized cash diary allegedly showed misappropriation of INR 144.20 million by some of the trustees. According to the first information report filed after an application by the trust, Jagdishan received INR 20.50 million as bribe to help a group of erstwhile trustees to retain illegal control over the trust.
Jagdishan has sought the setting aside of the magistrate's order that initiated the probe. Further, pending hearing of his petition, he has sought a stay on the inquiry against him and prayed there should be no coercive action, including filing of a charge sheet, failing which he will "suffer grave loss and irreparable injury".
Earlier this month, HDFC Bank had denied the allegations and said, "HDFC Bank's MD and CEO Mr. Sashidhar Jagdishan is being targeted by unscrupulous persons who are abusing the legal process to thwart the recovery of the long outstanding loan due to the Bank from recalcitrant defaulters."
Wednesday, shares of HDFC Bank ended slightly higher at INR 1,933.90 on the National Stock Exchange. End
Reported by Surya Tripathi
Edited by Rajeev Pai
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