HDFC Bank responded to allegations from Lilavati Kirtilal Mehta Medical Trust, dismissing demands for the suspension and prosecution of its CEO Sashidhar Jagdishan as a “malicious” attempt to derail a two-decade loan recovery battle.
In a statement, the bank defended Jagdishan, calling the allegations “outrageous and preposterous.”
A spokesperson said the claims were the latest tactic by Prashant Mehta, a trustee of Lilavati Trust, and his family to dodge repayment of “substantial” dues owed to the bank.
“Mr. Sashidhar Jagdishan is being targeted by unscrupulous persons who are abusing the legal process,” the bank said. It 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.
HDFC Bank said it has secured “comprehensive legal advice” and remains committed to defending its CEO’s reputation. “The Bank takes immense pride in the integrity and leadership of its MD & CEO,” the statement added.
Jagdishan, who has led the bank since 2020, was not individually quoted, but the statement made clear that the institution sees the attack as part of a broader, long-running effort to undermine lawful recovery actions.
Full statement:
HDFC 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.
The allegations made by Lilavati Trust, its Trustees and Officials against the Bank’s MD and CEO are baseless and malicious. The outrageous and preposterous allegations are strongly and categorically denied.
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.
Having consistently failed at all levels including the Hon’ble Supreme Court, they have now resorted to the recent mala fide personal attacks on the Bank’s MD & CEO with the sole objective of intimidating and bullying the Bank and its MD & CEO from carrying out the mandate of recovering all outstanding loans in every possible manner permissible under law.
The Bank has obtained comprehensive legal advice and representation in this regard and is committed to pursuing legal remedies and options to defend its MD & CEO’s reputation. The Bank takes immense pride in the integrity and leadership of its MD & CEO.
The Bank is confident that our judicial process will recognise the fraudulent intention and devious objectives of the Trustee and officials of Lilavati Trust of tarnishing the image of the Bank and its MD and CEO.
