By Harish V Nair
New Delhi: In a huge setback HDFC Bank CEO and MD Sashidhar Jagdishan, the Supreme Court today refused to take his plea challenging an FIR of cheating and fraud registered against him on a complaint filed by the Lilavati Kirtilal Mehta Medical Trust. Sashidhar Jagdishan moved the top court after recusals by three Bombay High Court judges in the case. The Supreme Court also refused to grant Jagdishan protection from arrest till the Bombay High Court hears his plea. Senior Advocate Mukul Rohatgi, appearing for Jagdishan, told the apex court bench that the HDFC MD had no role in the dispute within the trustees. “I have nothing to do with dispute within the trustees. In Bombay High Court, I haven’t got a hearing past three weeks,” Rohatgi said requesting protection from arrest for his client. Replying to his plea, the SC Bench asked him to argue before the High Court on July 14, the date of listing of the matter in the court. “Go make all submissions there. What can we do. No, we are not entertaining. It will be improper for us to intervene right now,” the bench said. About the case The Lilavati Kirtilal Mehta Medical Trust, managed by the Mehta family, filed a First Information Report (FIR) against him and eight other individuals on June 8, 2023. In the complaint, the Trust accused Jagdishan of accepting a bribe of Rs 2.05 crore from erstwhile Trustee Chetan Mehta, for giving him financial advice and helping him to retain control over the Trust’s governance. It further accused Jagdishan of interfering in its internal affairs by misusing his position as the head of the HDFC bank. In response to these allegations, HDFC Bank has categorically denied the claims, describing them as ‘frivolous’ and ‘malicious’. The bank asserts that the allegations are part of a broader scheme by unscrupulous individuals to exploit the legal system in a bid to recover a long-standing loan from a defaulter. HDFC Bank has stated its commitment to pursue all legal remedies to defend its reputation and recover public funds. “The outrageous and preposterous allegations are strongly and categorically denied,” the spokesperson said in a statement. According to the HDFC Bank spokesperson, 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. “The Trustee, Prashant Mehta and his family members owe substantial amounts to HDFC Bank which were never repaid. Recovery and enforcement actions have been taken by the bank over two decades and at every stage Prashant Mehta and his other family members have launched numerous vexatious legal actions,” the statement said.