Latest news with #PrashantMehta
Time of India
15 hours 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.
News18
17 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".
Mint
19 hours ago
- Business
- Mint
Lilavati Trust files ₹1,000 crore defamation suit against HDFC Bank CEO Sashidhar Jagdishan over ‘malicious' statement
In a fresh twist in the HDFC Bank vs Lilavati Trust row, the Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) has filed a ₹ 1,000 crore civil defamation lawsuit against HDFC Bank MD and CEO Sashidhar Jagdishan. The Lilavati Trust has accused the HDFC Bank CEO of making a series of 'malicious, false and defamatory' statements against it and its permanent trustee, Prashant Mehta. 'The Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) has filed a ₹ 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 Trust said in a statement. The Lilavati Hospital in Mumbai is overseen by the Lilavati Kirtilal Mehta Medical Trust. The Trust accused Jagdishan of undertaking a 'coordinated campaign to malign its reputation and obstruct its operations as a public charitable institution'. In addition to the ₹ 1,000 crore defamation suit, the Lilavati Trust has also filed a criminal complaint before the Metropolitan Magistrate of Girgaon, Maharashtra. The magistrate has issued a notice to HDFC Bank CEO Sashidhar Jagdishan, its spokesperson, and the corporate communication head. The Trust said that 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'. The Lilavati Trust said its actions were 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'. Denying HDFC Bank's allegations, 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.' Earlier this week, HDFC Bank CEO Sashidhar Jagdishan moved the Bombay High Court, seeking the quashing of an FIR filed by the Lilavati Trust. The FIR stems from a magistrate court's order, directing the police to investigate the charges of alleged financial fraud. The Lilavati Trust has alleged in the complaint that of the ₹ 14.42 crore misappropriated by its trustees, ₹ 2.05 crore was received by Jagdishan. It also claimed that the offer of ₹ 1.5 crore disguised as Corporate Social Responsibility (CSR) funds to hospital staff shows the intent to destroy evidence and obstruct justice.
The Hindu
2 days ago
- Business
- The Hindu
HDFC Bank CEO moves Bombay High Court over FIR by Lilavati Trust
HDFC Bank's Managing Director and Chief Executive Officer Sashidhar Jagdishan has moved the Bombay High Court, seeking quashing of the First Information Report (FIR) lodged against him by Prashant Mehta, a permanent trustee of the Lilavati Kirtilal Mehta Medical Trust, which oversees Lilavati Hospital. The FIR accused him of accepting a sum of ₹2.05 crore as a bribe to help the Chetan Mehta Group allegedly retain illegal control of the charitable trust. In his petition, Mr. Jagdishan has denied all allegations, terming the complaint as 'false and motivated,' and arguing that the FIR is a clear abuse of the process of law intended to malign his reputation. When the petition came up for hearing on Wednesday (June 18, 2025) before a Division Bench of Justices A.S. Gadkari and Rajesh Patil, both the judges recused themselves from hearing the case. Later in the day, the case was mentioned before another Division Bench of Justice Sarang Kotwal and Justice Shyam Chandak, but Justice Kotwal recused from hearing the matter. The matter will now be reassigned to a new Bench by an administrative order of the Chief Justice and will be heard in due course of time. The FIR lodged earlier this month on June 6, with the Bandra Police Station under Sections 406 (criminal breach of trust), 409 (criminal breach of trust by a public servant), and 420 (cheating) under Section 34 of the Indian Penal Code, 1860, by the Trust through its authorised representative Prashant Mehta. The FIR was filed pursuant to an order of a Magistrate court at Bandra, following the Trust's application under Section 175(3) of the Bharatiya Nagrik Suraksha Sanhita, 2023. A June 9 statement by the Trust claimed that the purported payment was part of a wider plan to loot the Trust and that the banker and his family enjoyed free medical treatment at the hospital. The Trust has further alleged that it has placed deposits and investments worth ₹ 48 crore with HDFC Bank since the financial year 2022, suggesting a conflict of interest. It also accused Mr. Jagdishan of offering ₹ 1.5 crore under the pretext of corporate social responsibility (CSR) funds, allegedly, to destroy and forge evidence in an internal Trust dispute. The Trust has also alleged that despite judicial findings and multiple complaints, HDFC Bank failed to act, violating Section 166 of the Companies Act and SEBI governance mandates. Senior advocate Amit Desai, representing Mr. Jagdishan, denied all the allegations and called them 'outrageous' and 'preposterous'. 'One of the most absurd allegations was that he received money from trustees. The absurdity of the allegation is that he allegedly received ₹2 crore to harass HDFC Bank borrowers,' Mr. Desai submitted. The FIR is a retaliatory measure stemming from HDFC Bank's recovery proceedings against Splendour Gems Limited — a company owned by the Mehta family — which has defaulted on loans amounting to ₹ 65.22 crore in loans as of May 31, he said. 'These actions follow recovery proceedings initiated by the bank against a company owned by the father of one of the trustees. They now use the façade of Lilavati Trust to take action against us,' Mr. Desai said. The petition read that the FIR is liable to be quashed by the High Court as it is an abuse of the legal process, and the allegations made in the FIR are wholly motivated by mala fide intentions and do not prima facie constitute any offence or make out a case against the petitioner. It also said that the petitioner has no relation whatsoever to the commission of the alleged offences, if any, and in fact the FIR is nothing but a malicious retaliation in relation to the ongoing recovery and enforcement proceedings initiated by HDFC Bank. 'The impugned order also ought to be quashed and set aside on the grounds that the impugned order is erroneous, bad in law as it has been passed in disregard to the mandatory requirements under Section 175 (3) of BNSS that should have been followed by the complainant.' The petition claimed that the present case against Mr. Jagdishan who has been recognised for his work by numerous awards and accolades, is nothing but a malicious attempt to scathe his name and reputation and of HDFC Bank that plays a significant role in the financial sphere of the country. 'Such criminal proceedings against the petitioner and the bank are the larger scheme of the debtors to scuttle away from paying the debt owned.'
Hindustan Times
2 days ago
- Business
- Hindustan Times
HDFC Bank CEO moves HC to quash ₹2.05 crore bribery FIR filed by Lilavati Trust
MUMBAI: HDFC Bank's managing director and CEO, Sashidhar Jagdishan, has moved the Bombay High Court seeking quashing of a First Information Report (FIR) lodged against him earlier this month in connection with an alleged financial and administrative scandal involving the Lilavati Kirtilal Mehta Medical Trust (LKMM Trust), which manages the Lilavati Hospital in Bandra West. The FIR, registered on May 31, stems from a complaint by Prashant Mehta, a trustee of the Lilavati Trust, who alleged that Jagdishan accepted ₹2.05 crore in bribes between March 2022 and June 2023 to aid a group of erstwhile trustees—led by Chetan Mehta—to illegally retain control of the trust. The complaint also alleged a prolonged campaign of harassment against Mehta's father, Kishor Mehta, whose business was entangled in a loan dispute with HDFC Bank. Kishor Mehta died on May 20, 2024, allegedly after enduring sustained mental and emotional distress. The FIR, ordered by a Bandra magistrate on May 29, invoked serious charges under sections 406, 409 (criminal breach of trust), and 420 (cheating) of the Indian Penal Code, and Section 175(3) of the Bhartiya Nagrik Suraksha Sanhita (BNSS). It alleges that diary entries and cash register photocopies unearthed by Prashant Mehta show systematic misuse of trust funds, including the ₹2.05 crore allegedly paid to Jagdishan. In his plea before the High Court, Jagdishan has strongly denied all allegations, calling the FIR 'malicious and vindictive' and accusing the complainant of misusing the name of the Lilavati Trust to settle personal scores. Represented by senior advocate Amit Desai, Jagdishan argued that the complaint is a retaliatory response to recovery proceedings initiated by HDFC Bank against Splendour Gems Ltd, a company owned by the Mehta family, which had defaulted on loans amounting to ₹65.22 crore. Desai contended that there is no evidence linking Jagdishan to the alleged transactions beyond unverifiable diary entries, and criticised the magistrate's order as flawed. 'Despite the absence of corroborative documents, and the complainant's failure to submit additional evidence, the magistrate still ordered a police investigation,' Jagdishan's petition stated, adding that proceeding on the basis of 'selective cash records and unauthenticated diary entries' was legally untenable. The plea has also sought a stay on further proceedings, including any coercive action or filing of a chargesheet, arguing that the HDFC chief could suffer 'grave loss and irreparable injury' if the FIR is not quashed. When the petition came up for hearing before a bench of Justices AS Gadkari and Rajesh S Patil, Justice Patil recused himself. The matter was then mentioned before Justice Sarang V Kotwal, who also recused himself citing prior association with one of the trustees. The matter will now be reassigned to a new bench. Meanwhile, the Bandra police have also registered a separate FIR on May 31 against Chetan Mehta, M/s Phoenix ARC Pvt Ltd, and others for alleged embezzlement of ₹2.25 crore from the trust. Accused parties in that case, including Phoenix ARC, Keki Elavia and Venkatu Srinivasan, have also approached the High Court seeking quashing of the embezzlement FIR. The High Court is expected to hear all related pleas in due course.
