HDFC Bank has responded to allegations made by Lilavati Kirtilal Mehta Medical Trust, dismissing demands for the suspension and prosecution of its CEO, Sashidhar Jagdishan, as “malicious” and “preposterous”. The bank defended Jagdishan, stating that the allegations are an attempt to derail a two-decade loan recovery battle. According to the bank, the allegations are the latest tactic by Prashant Mehta, a trustee of Lilavati Trust, and his family to dodge repayment of substantial dues owed to the bank.
The bank accused Mehta and his relatives of repeatedly launching “vexatious legal actions” after failing to win relief from any judicial body, including the Supreme Court. HDFC Bank described the move as part of a “mala fide” campaign to intimidate its leadership and avoid financial accountability. The bank stated that it has secured comprehensive legal advice and remains committed to defending Jagdishan’s reputation.
HDFC Bank has been pursuing recovery actions against Mehta and his family members for over two decades, and the bank claims that they have consistently failed to repay substantial amounts owed. The bank’s statement emphasized that it takes immense pride in the integrity and leadership of its MD & CEO and is confident that the judicial process will recognize the “fraudulent intention and devious objectives” of the Trustee and officials of Lilavati Trust.
The bank’s response suggests that it believes the allegations are a desperate attempt to avoid payment and to intimidate the bank’s leadership. HDFC Bank is committed to pursuing legal remedies and options to defend Jagdishan’s reputation and to recover the outstanding loans. The bank’s statement also highlights its commitment to upholding the integrity and leadership of its CEO, who has been at the helm since 2020.
Overall, the dispute between HDFC Bank and Lilavati Kirtilal Mehta Medical Trust appears to be a long-standing and complex one, with both parties engaging in a series of legal actions and counter-claims. The bank’s response suggests that it is determined to defend its CEO and to recover the outstanding loans, and it remains to be seen how the matter will be resolved.