**HDFC Bank MD’s Plea Dismissed by Supreme Court Amid FIR Controversy**
The Supreme Court of India has dismissed a request from Sashidhar Jagdishan, the managing director and CEO of HDFC Bank, for an urgent hearing regarding his petition to quash a First Information Report (FIR) filed against him by the Lilavati Kirtilal Mehta Medical Trust, which operates Mumbai’s Lilavati Hospital. A bench consisting of Justices P.S. Narasimha and R. Mahadevan opted not to intervene, noting that the Bombay High Court has already scheduled a hearing for July 14. The Supreme Court expressed its intention to allow the high court to proceed with the case on the designated date.
During the proceedings, the bench acknowledged the delays caused by the recusal of multiple judges from the Bombay High Court but emphasized that the matter is now listed for hearing. Jagdishan sought the Supreme Court’s intervention after facing delays in the high court, where three judges had recused themselves from the case.
Senior advocate Mukul Rohatgi, representing Jagdishan, argued that the FIR is inflicting significant reputational damage on the bank. He stated, “For the last three weeks, we haven’t had a hearing in the high court. I am the MD. I have nothing to do with this matter. I am being roped in, and the bank is suffering. I seek interim protection until the matter is heard. The bank has been dragged into a private dispute, and it is affecting my personal reputation.”
**Background of the Dispute**
The controversy began in April when the Lilavati Kirtilal Mehta Medical Trust filed a complaint with the Judicial Magistrate First Class, alleging misconduct by Jagdishan. The complaint, submitted by Prashant Mehta, son of the late Kishor Mehta (a former director at Splendour Gems Ltd), claims that Jagdishan accepted a bribe of ₹2.05 crore between March and June 2022 in exchange for providing strategic advice to help the Chetan Mehta Group maintain control over the trust’s governance.
This complaint stems from a long-standing financial dispute involving Splendour Gems, which had taken loans from a consortium led by HDFC Bank in 1995. Following defaults, recovery proceedings commenced in 2002, culminating in a 2004 order from the Debts Recovery Tribunal for repayment of ₹14.74 crore with 16% interest. Prashant Mehta alleged that his father’s death in 2024 was a result of “mental and physical harassment” due to the bank’s recovery actions. Upon taking over the company, he claimed to have found diary entries indicating payments made to Jagdishan.
On May 29, the judicial magistrate instructed the Bandra Police to register an FIR under various sections of the Indian Penal Code, including criminal breach of trust and cheating, and to investigate the allegations. Subsequently, on May 31, the Bandra Police registered the FIR against Jagdishan, Chetan Mehta, and six others. Additionally, a separate FIR was filed against Chetan Mehta, Phoenix ARC Pvt. Ltd., and others for alleged embezzlement of ₹2.25 crore from the Trust.
**Conclusion**
The Supreme Court’s decision to dismiss Jagdishan’s plea underscores the ongoing legal complexities surrounding the FIR and the implications for HDFC Bank. As the case progresses in the Bombay High Court, it remains to be seen how the allegations will impact both Jagdishan’s reputation and the bank’s standing in the financial sector.
**FAQ**
**What is the main allegation against Sashidhar Jagdishan?**
Sashidhar Jagdishan is accused of accepting a bribe of ₹2.05 crore in exchange for providing strategic advice to help a group retain control over the governance of the Lilavati Kirtilal Mehta Medical Trust.
