In a high-stakes courtroom twist, HDFC Bank’s top boss Sashidhar Jagdishan has knocked on the doors of the Supreme Court, urging it to strike down a criminal case lodged against him by Mumbai’s Lilavati Kirtilal Mehta Medical Trust — a dispute now laced with allegations of bribes, power plays, and corporate retaliation.
Appearing before a Bench led by Justices MM Sundresh and K Vinod Chandran, Jagdishan’s legal team didn’t mince words. Senior Advocate Mukul Rohatgi, arguing for the banker, called the FIR a “frivolous” ploy, accusing the hospital trustees of launching a smear campaign to stonewall recovery proceedings.
“This is nothing but arm-twisting,” Rohatgi declared in court. “We are recovering dues from them, and now this FIR suddenly appears. Three Benches of the Bombay High Court couldn’t take it up — now we’re here.”
The top court took note and confirmed the matter will be heard on the following day.
The FIR — filed last month at Bandra Police Station — is no small matter. It slaps Jagdishan with charges under IPC Sections 406 (criminal breach of trust), 409 (breach of trust by a public servant), and 420 (cheating), alleging that he accepted ₹2.05 crore as a “consulting fee” to help the Chetan Mehta Group hold on to control of the Trust — allegedly bypassing fair governance norms.
According to the Trust’s complaint, the money was exchanged for insider financial advice that skewed internal decisions in favor of select individuals. Even more controversially, the complaint suggests Jagdishan and his family received free treatment at Lilavati Hospital, without proper disclosure, adding fuel to the fire.
The Trust also claimed it had over ₹48 crore in deposits and investments parked with HDFC Bank since 2022 — an ongoing business relationship now painted in a questionable light. One particularly damning charge alleges that ₹1.5 crore in CSR funds was dangled as a bribe to tamper with internal records tied to governance disputes.
Jagdishan had earlier approached the Bombay High Court for relief, but the case hit a wall as three judges recused themselves. Most recently, the High Court deferred the matter to July 14, refusing immediate intervention — leading the HDFC head straight to the Supreme Court in search of faster relief.
What unfolds next will be watched closely — not just by corporate circles, but by every institution where the lines between finance, philanthropy, and influence get blurred.
