Latest news with #Trust
Mint
2 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.
Irish Examiner
20 hours ago
- Business
- Irish Examiner
Department head 'unhappy' about housing charity leaving hotel it bought empty for three years
The head of the Department of Housing has acknowledged he is 'unhappy' with a situation which saw the Peter McVerry Trust purchase a Dublin hotel for €6.2m which has lain vacant for the past three years. Secretary general of the department, Graham Doyle, told the Public Accounts Committee on Thursday that the funding for the hotel had been part obtained via his department. He said it is 'working through' the options in terms of actioning the vacant building for social housing. The Georgian building in question, formerly Latchford's Hotel on Dublin's Baggot Street, was first purchased by the charity in 2022 after being placed for sale on the open market. The 20-bedroom hotel has remained vacant ever since in the aftermath of financial governance scandals which have shaken the Trust, one of the country's largest providers of homeless accommodation. Mr Doyle said the hotel had been funded by his department before the difficulties at the housing charity had emerged. He noted that the property had initially been purchased with a view to providing emergency accommodation. 'The understanding was planning was in place (for the hotel). Some planning issues arose in relation to it. I understand that the council and others are now working to look at how that property can be used for social housing at this point in time,' he said. Fianna Fáil's Paul McAuliffe said the vacancy of such a property, given the struggles of the Dublin Regional Homeless Executive to provide accommodation and that the department had funded the purchase, is 'questionable'. In response, Mr Doyle said he is 'unhappy with that'. He said, however, that the various recommendations made by the Comptroller and Auditor General on foot of the scandal – which suggested that oversight of grant funding to housing bodies be strengthened and that approval from the Department of Public Expenditure be obtained in each instance – have now been fully implemented. The Trust had caused opprobrium among the committee members in advance by declining to attend to give evidence. Mr Doyle, while declining to comment on that decision, did say that the 2023 accounts for the charity should have been published by now. The charity had said it may be in a position to give evidence at PAC once that publication has occurred. Read More
The Hindu
a day 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.'
Business Wire
2 days ago
- Business
- Business Wire
Mesa Royalty Trust Announces Trust Income for June 2025
HOUSTON--(BUSINESS WIRE)--Mesa Royalty Trust (the 'Trust') (NYSE: MTR) announced today the Trust income distribution for the month of June 2025. Unitholders of record on June 30, 2025 will receive distributions amounting to $0.037757985 per unit, payable on July 31, 2025. The Trust received $77,579, all of which came from the New Mexico portion of the Trust's San Juan Basin properties operated by Hilcorp San Juan LP, an affiliate of Hilcorp Energy Company. No income was received in June 2025 from any other working interest owner. This month, after the Trust's payment of administrative expenses, income from the distributable net profits was $70,365. The Trust was formed to own an overriding royalty interest of the net proceeds attributable to certain producing oil and gas properties located in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado. As described in the Trust's public filings, the amount of the monthly distributions is expected to fluctuate from month to month, depending on the proceeds, if any, received by the Trust as a result of production, oil and natural gas prices and the amount of the Trust's administrative expenses, among other factors. In addition, as further described in the Trust's most recent filing on Form 10-Q, distributions to unitholders are expected to be materially reduced, until the Trust increases its cash reserves to a total of $2.0 million in order to provide added liquidity. Proceeds reported by the working interest owners for any month are not generally representative of net proceeds that will be received by the Trust in future periods. As further described in the Trust's Form 10-K and Form 10-Q filings, production and development costs for the royalty interest have resulted in substantial accumulated excess production costs, which will decrease Trust distributions, and in some periods may result in no Trust distributions. The amount of proceeds, if any, received or expected to be received by the Trust (and its ability to pay distributions to unitholders) has been and will continue to be directly affected, among other things, by volatility in the industry and revenues and expenses reported to the Trust by working interest owners. Any additional expenses and adjustments, among other things, will reduce proceeds to the Trust, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders. This press release contains forward-looking statements. No assurances can be given that the expectations contained in this press release will prove to be correct. The working interest owners alone control historical operating data, and handle receipt and payment of funds relating to the royalty properties and payments to the Trust for the related royalty. The Trustee cannot assure that errors or adjustments or expenses accrued by the working interest owners, whether historical or future, will not affect future royalty income and distributions by the Trust. Other important factors that could cause these statements to differ materially include delays in actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, declines in commodity pricing, prices received by working interest owners and other risks described in the Trust's Form 10-K for the year ended December 31, 2024. Statements made in this press release are qualified by the cautionary statements made in such risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release. Each unitholder should consult its own tax advisor with respect to its particular circumstances.
Cision Canada
2 days ago
- Business
- Cision Canada
FMS CAPITAL TRUST FILES PRELIMINARY PROSPECTUS FOR INITIAL PUBLIC OFFERING
TORONTO, /CNW/ - FMS Capital Trust (the " Trust") announced today that it has filed with the securities commissions or similar authorities in each of the provinces of Canada, except Québec, and obtained a receipt for, a preliminary prospectus for an initial public offering of trust units (the " Offering"). The preliminary prospectus qualifies the distribution of a minimum of C$40 million and a maximum of C$60 million of Class A Units and Class F Units of the Trust at a price of C$10.00 per Class A Unit and Class F Unit. The Trust is an unincorporated investment trust and was established for the primary purpose of investing in a portfolio of Canadian income-producing self-storage properties with a focus on underserved and overlooked markets. Following completion of the Offering, the Trust intends to indirectly acquire a cluster of three existing self-storage properties (the " Initial Portfolio"), each located in Ontario, Canada. The balance of the net proceeds of the Offering will be used to subsequently acquire one or more additional self-storage properties in Canada, consistent with the Trust's investment objectives. FMS Manager LP (the " Manager"), an affiliate of Forum Investment and Development Corporation (" Forum") and Make Space Inc. (" Make Space"), is the promoter of the Trust and will also act as manager of the portfolio of properties. Forum is an investor, developer and asset manager operating across North America for over 29 years, focusing on real estate, private equity and infrastructure, with a strategic concentration in housing. The enterprise value of Forum's assets under management currently exceeds $3.1 billion. Make Space originally opened its first storage location in Pender Harbour, British Columbia in 2004. Since then, the Make Space platform has expanded across Canada to become a leading self-storage business with 57 self–storage assets, over 2.4 million square feet of rentable self-storage, and a 20-year track record in the industry. CIBC Capital Markets is acting as lead agent for the Offering. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of the Trust in the United States, nor shall there be any sale of the securities of the Trust in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the " 1933 Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws. A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces of Canada, except Québec. The preliminary prospectus is still subject to completion or amendment. A copy of the preliminary prospectus may be obtained from CIBC World Markets Inc. and is available on SEDAR+ at There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued. Forward-looking Statements This news release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of the Trust, Forum, Make Space and the Manager regarding future events, including statements concerning the use of proceeds of the Offering. In some cases, forward-looking statements can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts. Material factors and assumptions used by management of the Trust to develop the forward-looking information include, but are not limited to, the Trust's current expectations about: vacancy and rental growth rates in the Canadian self–storage market; demographic trends in Canada; the realization of property value appreciation and timing thereof; the inventory of self-storage properties; the availability of self-storage properties for acquisition (other than the properties comprising the Initial Portfolio) and the price at which such properties may be acquired; the price at which properties may be disposed and the timing thereof; closing and other transaction costs in connection with the acquisition and disposition of properties; the availability of mortgage financing and current interest rates; the capital structure of the Trust; the extent of competition for self-storage properties; assumptions about the markets in which the Trust intends to operate; expenditures and fees in connection with the maintenance, operation and administration of the properties; any capital costs to expand the scope of the Initial Properties; the ability of the Manager to manage and operate the properties; the global and Canadian economic environment, including changes in interest rates, capitalization rates and the rate of inflation; fluctuating global economic conditions; and governmental regulations or tax laws. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect. Although management believes the expectations reflected in such forward-looking statements are reasonable and represent the Trust's internal projections, expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond the Trust's control, could cause actual results in future periods to differ materially from current expectations of estimated or anticipated events or results expressed or implied by such forward-looking statements. Such factors include the risks identified in the preliminary prospectus, including under the heading "Risk Factors" therein. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, the Trust undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
