Last Updated:July 04, 2025, 13:01 IST
The Supreme Court refused to grant HDFC Bank MD & CEO Sashidhar Jagdishan an interim protection from arrest.
The Lilavati Kirtilal Mehta Medical Trust, which runs the prominent Lilavati Hospital in Mumbai, has accused Jagdishan of misusing his position as the head of a leading private bank to interfere in the internal affairs of a charitable organisation.
In a major setback for HDFC Bank MD & CEO Sashidhar Jagdishan, the Supreme Court on Friday, July 4, denied him any relief in connection with an FIR of cheating and fraud registered against him on a complaint filed by the Lilavati Kirtilal Mehta Medical Trust, which runs the prominent Lilavati Hospital in Mumbai.
The SC refused to grant him interim protection from arrest. The apex court said it hopes the Bombay High Court hears the matter on July 14.
“We are not inclined to entertain the matter. We will not apply our mind to the merits. If matter is not heard on 14th, you come back. We hope and trust that high court will take the matter up on the designated date,” said a bench, comprising justices P S Narasimha and R Mahadevan.
Senior advocate Mukul Rohatgi, appearing for Jagdishan, submitted that the bank has been roped in a private dispute.
“The idea is to summon the MD to police station. No proceedings should be taken against the MD,” he said.
Rohatgi said they had moved the Bombay High Court but three benches of the high court have so far recused themselves from hearing the matter.
Jagdishan on Thursday moved the Supreme Court challenging an FIR. Senior advocate Mukul Rohatgi, appearing for Jagdishan, mentioned the matter for urgent listing before a bench of Justices M M Sundresh and K Vinod Chandran.
What Is the Case?
According to the complaint filed by the Trust, Jagdishan allegedly accepted a bribe of Rs 2.05 crore in exchange for providing financial advice to help the Chetan Mehta Group retain illegal and undue control over the Trust’s governance.
The Trust has accused Jagdishan of misusing his position as the head of a leading private bank to interfere in the internal affairs of a charitable organisation.
Jagdishan’s plea seeking quashing of the first information report (FIR) was first listed in the high court in June.
The FIR against Jagdishan was registered at the Bandra police station following an order by a Bandra magistrate court under section 175 (3) of the Bharatiya Nagarik Suraksha Sanhita (BNSS), based on an application moved by the Trust.
He was booked under alleged charges of cheating, criminal breach of trust, and criminal breach of trust by a public servant.
In a public statement issued earlier this month, the Trust alleged that the Rs 2.05 crore payment was part of a larger conspiracy to “loot” the Trust and manipulate its decision-making processes in favour of the Chetan Mehta Group.
The Trust has also filed a petition before the high court seeking a Central Bureau of Investigation (CBI) probe into the matter.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously asso…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously asso… Read More
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