A heated confrontation has emerged between one of Mumbai’s prominent hospital operators—Lilavati Kirtilal Mehta Medical Trust (LKM Medical Trust)—and one of India's largest private sector banks, HDFC Bank. The matter has now entered the public domain with the Trust levelling serious allegations against HDFC Bank’s Managing Director and CEO, Sashidhar Jagdishan. In response, HDFC Bank has firmly rejected the claims, terming them baseless and malicious.
On Saturday, Lilavati Trust demanded the immediate suspension of CEO Sashidhar Jagdishan and even called for a legal case to be initiated against him. The Trust alleges that Jagdishan paid ₹2.5 crore through a former Trust member to harass the father of a current member. This financial transaction is said to have been recorded in a handwritten diary, which the present trustees of Lilavati Trust claim to have recovered.
According to the Trust, the payment was part of a broader financial fraud. They have positioned this diary entry as key evidence in their case. However, HDFC Bank has outright denied these allegations. A spokesperson for the bank explained that the entire matter is linked to long-standing unpaid loans taken by the Mehta family, who are associated with the Trust.
HDFC Bank asserts that the Mehta family has failed to repay loans for over two decades, despite multiple legal attempts by the bank to recover the debt. These efforts have reportedly gone up to the Supreme Court, where the bank says it has won at every stage. The bank claims that the Trust's allegations against its CEO are nothing but a distraction tactic to evade repayment and to malign the bank’s reputation.
The mention of the handwritten diary has added a layer of intrigue to the already complex case. While the Trust calls it direct proof of illicit transactions, the bank has dismissed it as absurd and insulting. HDFC Bank has announced it is seeking legal counsel and reaffirmed its commitment to protect the integrity and reputation of its CEO.
The bank further claims that the entire controversy is an orchestrated move by the Trust to divert attention from their loan default. With the matter already reaching the court, both sides are now engaged in a legal tussle. On one hand, Lilavati Trust is striving to validate its allegations; on the other, HDFC Bank is labeling the entire situation as a conspiracy to derail debt recovery.
The big questions now are: Will the mystery of the diary be unraveled? Are the allegations by the Trust grounded in truth, or is this a calculated attempt to escape repayment? The case is now unfolding in courtrooms, and its resolution will likely hinge on hard evidence and legal arguments.
As this high-stakes battle develops, it will be intriguing to see which way the scales of justice tilt. Interestingly, one Twitter user, Madhusoodan Hegde, shared a detailed observation based on an NDTV report. He stated that the matter appears to be a long-standing bad debt recovery case by HDFC Bank against the late Mehta and his family, the founders of Lilavati Hospital Trust, dating back to 2004. He also clarified that the case is not directly against HDFC’s MD and CEO, but rather against the bank itself. This perspective adds another dimension to the ongoing legal and public narrative.
As this high-stakes battle develops, it will be intriguing to see which way the scales of justice tilt.
Disclaimer:
This article is based on publicly reported information and statements from both parties, including social media inputs. It does not constitute legal advice or a judgment on the veracity of claims. Readers are advised to follow official updates and legal proceedings for accurate developments.
