HDFC Bank CEO Sashidhar Jagdishan Moves Supreme Court in Dispute with Lilavati Trust

HDFC Bank’s Managing Director and CEO, Sashidhar Jagdishan, has approached the Supreme Court of India in connection with a case involving the Lilavati Kirtilal Mehta Medical Trust, according to a report by LiveLaw.

The move comes after judges of the Bombay High Court recused themselves from hearing the matter, prompting Jagdishan to escalate the issue to the apex court. The petition challenges a First Information Report (FIR) filed by the Lilavati Trust against Jagdishan, though specific details of the allegations have not been disclosed in public domain so far.

The Lilavati Kirtilal Mehta Medical Trust is a prominent charitable healthcare institution based in Mumbai. The dispute reportedly stems from disagreements between trustees and associated parties, but the role or involvement of Jagdishan in this context is still unclear.

The recusal of Bombay High Court judges suggests the case may have involved potential conflicts of interest or sensitivities that required the judges to step aside. In such instances, it is common for the matter to be escalated to the Supreme Court to ensure an impartial hearing.

This development marks a significant legal turn for one of India’s top banking executives and could have implications for HDFC Bank, depending on the nature and progress of the case. It remains to be seen how the Supreme Court will proceed on the petition, and whether it will stay or quash the FIR based on the arguments presented.

Jagdishan, who took over as CEO of HDFC Bank in 2020, has been a key figure in steering the bank post its historic merger with HDFC Ltd. There has been no official response from HDFC Bank or the Lilavati Trust on the matter yet.

Further updates are expected once the Supreme Court begins hearing the case.

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