By Indu Bhan
AgenciesSashidhar Jagdishan
The Supreme Court agreed to hear on Friday HDFC Bank鈥檚 Managing Director and Chief Executive Officer Sashidhar Jagdishan’s appeal seeking quashing of a first information report (FIR) for his alleged involvement in the fraudulent activities concerning the financials of the Lilavati Kirtilal Mehta Medical Trust, which runs the Lilavati Hospital in Bandra, Mumbai.The FIR registered in May against Jagdisan on the Trust鈥檚 complaint accused him of accepting Rs 2.05 crore in bribes to help the Chetan Mehta Group retain illegal and undue control over the governance of the Trust. Jagdishan is being accused of misusing his position as the head of a leading private bank to interfere in the internal affairs of a charitable organisation.Senior counsel Mukul Rohatgi, appearing for Jagdishan, on Thursday mentioned the matter before a bench led by Justice MM Sundresh for urgent hearing, saying the three benches of the Bombay High Court have recused themselves from hearing the case, thus causing a delay in the matter.鈥淎 frivolous FIR has been lodged against the MD and the Bank by the trustees of the Lilavati hospital, who are litigating against the other group of trustees. The bank has to recover money from them. In order to twist the arm, they have lodged an FIR through the Magistrate against the MD. We went to the Bombay High Court. Three benches of the Bombay High Court recused from hearing. Now the next date is given as July 14, that is also tentative. Every day the bank is suffering,” he contended.The FIR, registered last month by the Bandra Police Station following a May 29 order by a local magistrate, booked Jagdishan and several others, including former trustee Chetan Mehta, for criminal breach of trust and cheating. The order by the Magistrate was issued after a seized cash diary allegedly showed misappropriation of Rs 14.42 crore by some of the trustees.Live EventsJagdishan, who took charge as MD and CEO of HDFC Bank in 2020, has sought the setting aside of the magistrate’s order that initiated the probe. He also sought a stay on the enquiry against him and protection from any coercive action, including filing of a charge sheet, failing which he will “suffer grave loss and irreparable injury”.In June, HDFC Bank had denied the allegations, saying 鈥淗DFC Bank’s MD and CEO Mr Sashidhar Jagdishan is being targeted by unscrupulous persons who are abusing the legal process to thwart the recovery of the long-outstanding loan due to the Bank from recalcitrant defaulters.鈥 (You can now subscribe to our Economic Times WhatsApp channel)
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