HDFC Bank Denies Serious Allegations Against CEO Shashidhar Jagdishan

Controversy Surrounding HDFC Bank's CEO

HDFC Bank, one of India's largest private banks, is currently embroiled in a significant controversy. The bank's Managing Director and CEO, Shashidhar Jagdishan, faces serious allegations of financial misconduct and corruption from the Lilavati Kirti Lal Mehta Medical Trust (LKMM Trust). In response, the bank has categorically dismissed all claims against Jagdishan, labeling them as false and unfortunate, asserting that they represent a misuse of legal processes. Meanwhile, the Trust alleges that Jagdishan received illegal funds amounting to millions and attempted to suppress evidence related to these claims.

HDFC Bank's Official Response

In an official statement, the bank firmly rejected the allegations, describing them as baseless, inconsistent, and untrue. HDFC Bank pointed out that Prashant Mehta, a trustee of the LKMM Trust, has a substantial outstanding loan with the bank that has remained unpaid for years. The bank has initiated legal recovery actions multiple times over the past two decades, but the Mehta family has consistently delayed the process through various means. Furthermore, the bank stated that after losing cases up to the Supreme Court, the Trust has resorted to personal attacks on the CEO to obstruct the loan recovery process and intimidate the bank.