HDFC Bank CEO Challenges FIR in Supreme Court Over Bribery Allegations
Legal Action by HDFC Bank's CEO
New Delhi, July 3: Sashidhar Jagdishan, the CEO and Managing Director of HDFC Bank, has approached the Supreme Court seeking to dismiss an FIR filed against him. This complaint was made by the Lilavati Kirtilal Mehta Medical Trust, which accuses him of accepting a bribe amounting to Rs 2.05 crore.
Senior Advocate Mukul Rohatgi, representing Jagdishan, contended that the FIR was a tactic to exert pressure on the bank, which was attempting to recover funds from the Trust.
Justice MM Sundresh has scheduled the case for a hearing on Friday, July 4, in response to the petition.
Rohatgi described the FIR as 'frivolous' and noted that five judges from the Bombay High Court had recused themselves from hearing Jagdishan's petition to quash the FIR.
The Bombay High Court had previously addressed the matter on June 30, where Jagdishan's legal team sought interim relief. However, the court deemed there was no urgency and postponed the hearing to July 14, prompting Jagdishan to escalate the issue to the Supreme Court.
The FIR, filed last month at the Bandra police station in Mumbai, includes serious charges against Jagdishan under Sections 406 (criminal breach of trust), 409 (criminal breach of trust by a public servant), and 420 (cheating).
The Trust's complaint alleges that Jagdishan accepted the bribe in exchange for providing financial advice that would allow the Chetan Mehta Group to maintain improper control over the Trust's governance. It accuses him of abusing his position as the head of a prominent private bank to meddle in the operations of a charitable organization.
In his defense, Jagdishan has categorically denied the allegations, labeling the case as a malicious effort to tarnish his reputation and that of HDFC Bank. He explained that HDFC, along with a group of banks, had issued loans to Splendor Gems Limited back in 1995.
Following the firm's default, recovery actions were initiated in 2002 against its guarantors, including Kishor Mehta, the father of Prashant Mehta. An arrest warrant was issued in 2020, and despite Kishor Mehta's passing in 2024, the proceedings against his sons have continued.