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Time of India
an hour ago
- Business
- Time of India
Lilavati Trust files Rs 1,000 cr defamation suit against HDFC Bank CEO
Mumbai: Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) on Friday said it has filed a Rs 1,000 crore civil defamation lawsuit against HDFC Bank MD & CEO Sashidhar Jagdishan , over a series of malicious, and false statements made against the Trust and its permanent trustee, Prashant Mehta . The legal action aims to counter what the Trust views as a coordinated campaign to malign its reputation and obstruct its operations as a public charitable institution , the Trust, which manages and runs the prestigious Lilavati Hospital in Mumbai said in a statement. In addition to the civil suit, the Trust has also filed a criminal complaint before the Metropolitan Magistrate, Girgaon, who has issued notice to the CEO, spokesperson, and Corporate Communication Head of HDFC Bank. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo The LKMM Trust and Prashant Mehta have never been a borrower to HDFC Bank but rather a lender depositing Rs 48 crore in the form of fixed deposits and bonds, it said. The Trust and Prashant Mehta are not connected to the affairs of Splendour Gems in any manner whatsoever as fraudulently espoused by the CEO of HDFC, it said. Live Events However, HDFC Bank had earlier refuted charges saying the bank and its senior officials are 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 i.e Splendour Gems Ltd (formerly known as Beautiful Diamonds Ltd). The bank had said it was 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.
New Indian Express
3 hours ago
- Business
- New Indian Express
HDB Financial sets Rs 700–740 price band for Rs 12,500-crore IPO
MUMBAI: HDB Financial Services, a retail-focused NBFC owned by HDFC Bank, has set a price band of Rs 700–740 for its Rs 12,500-crore IPO, marking a steep premium over face value but a sharp discount to grey market rates. At the upper end of the price band, the company will be valued at USD 7.5 billion, compared to the grey market valuation of USD 10.5 billion. The mega issue, the largest from the NBFC space, comprises a Rs 2,500 crore fresh issue of shares of Rs 10 face value and Rs 10,000 crore in offer-for-sale by parent HDFC Bank, which currently holds 94.3% of the company. The remaining 5.7% shares are held by the employees trust and employees through ESOPs, Chief Financial Officer Jaykumar Shah told TNIE at the press meet announcing the issue. Post-issue, HDFC Bank will continue to hold 75% of the equity. HDB Financial, founded in 2008, has been growing rapidly. In FY25, its loan book, 73% of which is secured, crossed the Rs 1-trillion mark, from which it earned a net income of Rs 2,180 crore, up 29% from the previous fiscal. However, asset quality remains a concern, with gross NPAs at 2.3% and net NPAs at 1% of assets. The IPO is also intended to comply with the RBI's October 2022 directive requiring large NBFCs to go public by September 2025. When asked about launching the IPO during a choppy market and at a discount to the grey market price, CEO Ramesh Ganesh said the valuation was arrived at after discussions with investors and bankers. 'We've been doing roadshows for quite some time now, meeting investors globally and locally. We believe the value is derived by talking to investors and bankers, and we worked with them to arrive at the value,' Ramesh said.
News18
4 hours ago
- Business
- News18
Lilavati Trust Slaps Rs 1,000-Crore Defamation Suit On HDFC Bank CEO Sashidhar Jagdishan; Details Here
The Lilavati Kirtilal Mehta Medical Trust filed a Rs 1,000 crore defamation lawsuit and a criminal complaint against HDFC Bank CEO Sashidhar Jagdishan for alleged false statements. In an escalation of the ongoing dispute, the Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) has filed a Rs 1,000 crore civil defamation lawsuit against HDFC Bank Managing Director & CEO Sashidhar Jagdishan, accusing him of making 'malicious, false and defamatory" statements against the Trust and its permanent trustee Prashant Mehta. In an official statement, the Trust said, 'The Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) has filed a Rs 1,000 crore civil defamation lawsuit against Mr. Sashidhar Jagdishan, Managing Director & CEO of HDFC Bank, over a series of malicious, false, and defamatory statements made against the Trust and its Permanent Trustee, Mr. Prashant Mehta." The Lilavati Hospital, one of Mumbai's best-known healthcare institutions, operates under the aegis of the LKMM Trust. 'Coordinated Smear Campaign' The Trust alleged that Jagdishan launched a 'coordinated campaign to malign its reputation and obstruct its operations as a public charitable institution." In a parallel move, the Trust has also filed a criminal complaint before the Metropolitan Magistrate of Girgaon, Maharashtra. The court has issued notices to Sashidhar Jagdishan, HDFC Bank's spokesperson, and its corporate communication head. The Trust described the legal action as a vital step forward. 'The criminal complaint and subsequent notice mark a significant step in holding the HDFC CEO accountable for what the Trust alleges is a deliberate and sustained smear campaign," it said. The Trust further clarified that the legal action is not retaliatory: 'But are in response to a sustained effort to discredit a respected charitable institution and its founding family without any supporting documentation or conclusive evidence from HDFC Bank to validate its claims." FIR and Financial Fraud Allegations Denying all allegations linking it to a company under scrutiny, the Trust said, 'The Trust and Prashant Mehta are not connected to the affairs of Splendour Gems in any manner whatsoever as fraudulently espoused by the CEO of HDFC." In response, earlier this week, HDFC Bank MD and CEO Sashidhar Jagdishan approached the Bombay High Court, seeking quashing of the FIR registered against him based on the financial fraud allegations made by the Lilavati Trust, which oversees the Mumbai-based Lilavati Hospital. The plea was mentioned before the court on Wednesday and will be heard in due course of time. The FIR stems from a magistrate court's order, directing the police to investigate the charges of alleged financial fraud. The Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) has alleged in the complaint that of the Rs 14.42 crore misappropriated by its trustees, Rs 2.05 crore were received by Jagdishan. It also claimed that the offer of Rs 1.5 crore disguised as Corporate Social Responsibility (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. The bank, however, has denied the allegations, calling it 'outrageous and preposterous".
Yahoo
5 hours ago
- Business
- Yahoo
India's HDB Financial IPO pricing not influenced by 70% premium in 'grey market', bankers say
By Siddhi Nayak, Vivek Kumar M and Bharath Rajeswaran MUMBAI (Reuters) -The initial public offering of India's HDB Financial has been priced based on the fundamentals of the business, unaffected by the roughly 70% premium the stock is trading at in the informal 'grey market' for unlisted securities, bankers said on Friday. Shares in the lender will be sold in a price band of 700 rupees to 740 rupees per share ($8.06-$8.52), valuing HDB Financial at $7.1 billion at the upper end of the band. The shares were traded around 1,200 rupees to 1,250 rupees in the 'grey market'. "This price has been determined basis extensive roadshows," said Jibi Jacob, head of equity capital markets at Jefferies India, one of the bankers to the issue. "We have no influence on what is happening on the unlisted side," Jacob said at a press conference in Mumbai. HDB Financial's IPO, the largest for an Indian non-banking financial company, opens for subscription on June 25, with large institutions bidding a day earlier. The firm, which lends across segments such as personal and business loans, operates 1,747 branches nationwide. India's largest private lender, HDFC Bank, holds a 94% stake in the firm. The IPO pricing has been determined on the fundamentals of the franchise and how key peers are trading, said Sonia DasGupta, head of the investment banking division at JM Financial, another banker to the issue. At 740 rupees per share, the price-to-book ratio, a key measure of valuation, works out to 3.72 for HDB, in line with peers such as Bajaj Finance and Shriram Finance. India's red-hot IPO streak has cooled in 2025, following a blockbuster year in 2024 that saw record capital raised through new listings. So far this year, nearly 100 firms have hit the market, raising about $4 billion, a decline from the 137 IPOs and $4.3 billion fundraise in the year-ago period, according to data compiled by LSEG. Analysts attribute tepid retail investor demand to aggressive IPO pricing, as the Nifty 50 trades nearly 6% below its record high from last September. The bull run in Indian markets post the COVID-19 crisis led to valuations of unlisted firms inflating beyond fundamentals, said Arun Kejriwal, founder of Kejriwal Research and Investment Services. "HDB's approach is a timely reminder that IPO pricing should be grounded in reality, not speculative hype," Kejriwal said. ($1 = 86.6040 Indian rupees) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
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Business Standard
5 hours ago
- Business
- Business Standard
Dividend stocks! Vedanta, 31 others to go ex-date next week; full list here
Here is the complete list of stocks that will trade ex-dividend next week along with their key details SI Reporter New Delhi Dividend stocks: Shares of HDFC Bank, Vedanta, Hindustan Unilever, CARE Ratings, Cipla, Samvardhana Motherson International, and 26 others are expected to remain in the spotlight during the next week, Monday, June 23, 2025, to Friday, May 27, 2025, on account of their announcements of dividend for their respective shareholders. The other notable names to feature in the list include Bajaj Finserv, Dalmia Bharat, Swaraj Engines, Kansai Nerolac Paints, Aegis Logistics, Bajaj Holdings & Investment, Maharashtra Scooters, Kalpataru Projects International, and Sky Industries. The BSE data reveals that shares of these companies are slated to trade ex-dividend during this period. Notably, the ex-date refers to the day a stock begins trading without entitlement to the dividend, meaning investors must own the stock before this date to receive the payout. Among the highlighted companies, Mahindra Group's tractor engine maker Swaraj Engines has declared the highest dividend, announcing a final dividend of ₹104.50 per share. The company has also set Friday, June 27, 2025, as the record date for determining eligible shareholders for their participation in the said announcement. This is followed by Polycab India, which has announced a final dividend of ₹35 per share, also with the record date fixed as Tuesday, June 24, 2025, for the same. Among others, India's largest private sector lender, HDFC Bank, has announced to pay a dividend of ₹22 per share to its shareholders. Metal and mining major Vedanta will pay an interim dividend of ₹7 per share to its shareholders. Here is the complete list of stocks that will trade ex-dividend next week along with their key details: Company Ex-date Purpose Record date Dalmia Bharat June 23, 2025 Final Dividend - ₹5 June 23, 2025 Dynamic Cables June 23, 2025 Final Dividend - ₹0.50 June 23, 2025 Hindustan Unilever June 23, 2025 Final Dividend - ₹24 June 23, 2025 Kansai Nerolac Paints June 23, 2025 Final Dividend - ₹2.50 June 23, 2025 Kansai Nerolac Paints June 23, 2025 Special Dividend - ₹1.25 June 23, 2025 Kalpataru Projects International June 23, 2025 Final Dividend - ₹9 June 23, 2025 Samvardhana Motherson International June 23, 2025 Final Dividend - ₹0.35 June 23, 2025 Motherson Sumi Wiring India June 23, 2025 Final Dividend - ₹0.35 June 23, 2025 Pilani Investment and Industries Corporation June 23, 2025 Final Dividend - ₹15 June 23, 2025 Alkyl Amines Chemicals June 24, 2025 Final Dividend - ₹10 June 24, 2025 Polycab India June 24, 2025 Final Dividend - ₹35 June 24, 2025 Vedanta June 24, 2025 Interim Dividend - ₹7 June 24, 2025 Automobile Corporation of Goa June 25, 2025 Final Dividend - ₹20 June 25, 2025 Aegis Logistics June 25, 2025 Interim Dividend June 25, 2025 Quest Capital Markets June 25, 2025 Final Dividend - ₹2.50 June 25, 2025 Prime Securities June 26, 2025 Final Dividend - ₹1.50 June 26, 2025 Allied Blenders and Distillers June 27, 2025 Final Dividend - ₹3.60 June 27, 2025 Alufluoride June 27, 2025 Final Dividend - ₹3 June 27, 2025 Bajaj Finserv June 27, 2025 Final Dividend - ₹1 June 27, 2025 Bajaj Holdings & Investment June 27, 2025 Final Dividend - ₹28 June 27, 2025 Bharat Bhushan Finance & Commodity Brokers June 27, 2025 Final Dividend - ₹0.6 June 27, 2025 CARE Ratings June 27, 2025 Final Dividend - ₹11 June 27, 2025 Cipla June 27, 2025 Special Dividend - ₹3 June 27, 2025 Cipla June 27, 2025 Final Dividend - ₹13 June 27, 2025 HDFC Bank June 27, 2025 Dividend - ₹22 June 27, 2025 Jayant Agro Organics June 27, 2025 Dividend - ₹2.50 June 27, 2025 Maharashtra Scooters June 27, 2025 Special Dividend - ₹30 June 27, 2025 Maharashtra Scooters June 27, 2025 Final Dividend - ₹30 June 27, 2025 Rainbow Children's Medicare June 27, 2025 Final Dividend - ₹3 June 28, 2025 RPG Life Sciences June 27, 2025 Special Dividend - ₹4 June 27, 2025 RPG Life Sciences June 27, 2025 Final Dividend - ₹20 June 27, 2025 Sky Industries June 27, 2025 Final Dividend - ₹1 June 27, 2025 Swaraj Engines June 27, 2025 Final Dividend - ₹104.50 June 27, 2025 Syngene International June 27, 2025 Final Dividend - ₹1.25 June 27, 2025 Vaibhav Global June 27, 2025 Final Dividend - ₹1.50 June 28, 2025 Visaka Industries June 27, 2025 Final Dividend - ₹0.50 June 27, 2025
