Mumbai, May 5: The Bombay High Court on Tuesday quashed the Rs 2 crore bribery case registered against HDFC Bank MD and CEO Sashidhar Jagdishan on the complaint of the Lilavati Kirtilal Mehta Medical Trust. It termed the complaint a fallout of the recovery proceedings initiated by the financial institutions against the Trust.
Court quashes bribery case against HDFC Bank CEO
Visit truewildgame.online for more information.
Jagdishan was booked by the Bandra police on May 31, 2025, for criminal breach of trust and cheating following a complaint by Prashant Kishor Mehta.
He had alleged that former trustee Chetan Mehta and others fraudulently gained the Trust's control and used its funds for their own gains. Jagdishan was accused of accepting a Rs 2 crore bribe from Chetan for financial advice and to help him retain the Trust's control.
The division bench of Justices M S Karnik and N R Borkar observed that “the complaint is nothing but a counterblast to the recovery proceedings and the material on record do not at all justify an investigation into the claim.” It added, “Financial institutions are bound to initiate recovery proceedings...there was no castigation for the same.”
Court notes internal disputes and financial liabilities
The bench noted, “There is serious acrimony, distrust and strained relations between the erstwhile and incumbent trustees. When the new trustees took over, several recovery proceedings had already been initiated. Even today, dues to the extent of Rs 65 crore are yet to be recovered.”
The bank had initiated recovery proceedings against the Mehta family’s firm Splendour Gems Ltd for dues worth Rs 65.22 crore. The complainant had linked the recovery pressure to the demise of his father and Trust founder Kishore Mehta in 2024. A photocopy of a diary, allegedly containing some entries of payments made to the petitioners, was also cited.
Court rejects grounds for criminal prosecution
The court, however, refused to accept the argument. “The petitioners cannot be blamed for this...it cannot be a justifiable reason to trigger a criminal prosecution.”
HC nixes plea for probe transfer to CBI
The HC also refused to transfer the investigation into the alleged financial irregularities in the Lilavati Trust from the EOW to the CBI. Pointing out that the cases were lodged on May 31, 2025, the court said that it was within two weeks that the petitions for probe transfer to the CBI were filed.
Also Watch:
Bombay High Court Quashes CBI FIR Against GTL Infrastructure In ₹11,000-Crore Loan Case“These criminal writ petitions have been filed even before the EOW could commence the investigation. There is nothing to justify the probe transfer to the CBI at such a premature stage,” the HC said, giving liberty to the complainant to approach it at a later stage.
To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/