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Legal limbo continues as Sashidhar Jagdishan, Managing Director and CEO of HDFC Bank, fights an FIR accusing him of accepting over INR 2 crore in bribes to meddle in the Lilavati Hospital Trust’s governance. The FIR, filed by Lilavati Kirtilal Mehta Medical Trust, has been splashed across headlines and has now landed in court—and in a maze of recusals and petitions.
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Judges Step Back, Case Stalls in the High Court
Jagdishan appealed to the Bombay High Court in mid-June to quash the FIR. The trust alleges he received handwritten payments totalling INR 2.05 crore as part of a deal to influence trust leadership. But when the case landed before different benches, several judges recused themselves: Justice Gadkari cited conflicts of interest, Justice Kotwal stepped aside without a detailed explanation, and Justice Jain withdrew after disclosing HDFC Bank shares. Now a fourth judge has stepped down as well, further delaying hearings.
Supreme Court Declines Immediate Shield
Facing delays and escalating media scrutiny, Jagdishan next approached the Supreme Court in July, seeking the swift quashing of the FIR and protection from arrest. The court, however, refused to offer interim relief, instructing him to await the High Court’s decision scheduled for July 14.
Meanwhile, the trust has urged a CBI probe, arguing Jagdishan qualifies as a public servant under anti-corruption laws. They also want the CEO suspended immediately. The bank, however, disputes the charges as retaliatory, citing long-pending dues from Splendour Gems Limited, the Mehta family’s company, amounting to over INR 65 crore.
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Why This Matters
This legal battle is more than a personal defence—it underscores broader concerns around governance, boardroom accountability, and the fine line between banking authority and influence over charitable institutions. For investors and regulators, it highlights how corporate and legal conflicts can quickly evolve into public crises at the top tier of India’s financial sector.
