HDFC Bank rubbishes Lilavati Trust's allegations against MD & CEO Sashidhar Jagdishan - know charges here

HDFC Bank's spokesperson said that allegation levelled by Lilavati Trust, its trustees and officials against MD and CEO Sashidhar Jagdishan are baseless and malicious. Lilavati Trust, which oversees Lilavati Hospital in Mumbai, in a complaint alleged that Sashidhar Jagdishan had received Rs 2.05 crore to harass the father of a current trustee.

Updated Jun 9, 2025 07:05 IST

HDFC Bank rubbishes Lilavati Trust's allegations against MD & CEO Sashidhar Jagdishan (Pic: Shutterstock/ ET NOW)

HDFC Bank , the country's most valuable bank, has denied Lilavati Kirtilal Mehta Medical Trust's (LKMM Trust) allegation that its MD and CEO Sashidhar Jagdishan was involved in a series of financial frauds.

HDFC Bank's spokesperson said, according to a PTI report, allegation levelled by Lilavati Trust , its trustees and officials against Sashidhar Jagdishan are baseless and malicious.

"The outrageous and preposterous allegations are strongly and categorically denied," HDFC Bank spokesperson said in a statement.

Lilavati Trust, which oversees Lilavati Hospital in Mumbai, had called upon the board of HDFC Bank, the RBI, SEBI and the Finance Ministry to suspend Sashidhar Jagdishan from all executive and board roles with immediate effect.

The complaint alleged that Sashidhar Jagdishan had received Rs 2.05 crore to harass the father of a current trustee. HDFC Bank, however, denied the charges and called them baseless and part of a deliberate attempt to derail ongoing loan recovery efforts.

"An FIR...was registered under orders of the Bombay Magistrate Court after a seized cash diary revealed Rs 14.42 crore misappropriated by trustees, of which Rs 2.05 crore was received by Jagdishan, establishing his direct involvement," the Trust had alleged.

According to the HDFC Bank spokesperson, 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.

"The Trustee, Prashant Mehta and his family members owe substantial amounts to HDFC Bank which were never repaid. Recovery and enforcement actions have been taken by the bank over two decades and at every stage Prashant Mehta and his other family members have launched numerous vexatious legal actions," the private bank said in statement.

Having consistently failed at all levels including the Supreme Court, they have now resorted to the recent mala fide personal attacks on the bank's MD & CEO with the sole objective of intimidating and bullying the bank from carrying out the mandate of recovering all outstanding loans in every possible manner permissible under law, it added.

Additionally, the Trust has sought a bar on Jagdishan from holding office in any SEBI-regulated entity while investigations are ongoing.

The Trust also alleged that the offer of Rs 1.5 crore disguised as CSR funds to hospital staff shows the intent to destroy evidence and obstruct justice.

Despite judicial findings and multiple complaints, HDFC Bank failed to act, violating Section 166 of the Companies Act and SEBI governance mandates, the Trust alleged.

With PTI Inputs

Lilavati Hospital Mumbai

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