Lilavati Trust’s Allegations Against Our MD And CEO Baseless And Malicious: HDFC Bank

Mumbai: HDFC Bank has strongly denied allegations made by way of Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) which referred to as for the suspension and prosecution of financial institution’s Managing Director and CEO, Sashidhar Jagdishan, in an alleged monetary fraud, which the financial institution termed as “baseless and malicious”. 

HDFC Bank mentioned it has received “comprehensive legal advice and representation in this regard” and can shield its MD and CEO’s recognition.

“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,” mentioned the financial institution in a remark.

Lilavati Trust, which oversees a distinguished healthcare establishment in Mumbai, on Saturday referred to as for the instant suspension and prosecution of Jagdishan, accusing him of involvement in a sequence of economic frauds in regards to the Trust.

The allegations in opposition to Jagdishan mentioned that one of the most erstwhile individuals of LKMM had paid him Rs 2.05 crore, for the only objective of harassing the daddy of one of the most present individuals of the believe. The petitioners have alleged that the transaction used to be recorded in a hand written diary. The diary used to be recovered by way of the present individuals.

An HDFC Bank spokesperson mentioned it is a restoration case of the lengthy remarkable mortgage because of the financial institution.

“The Trustee, Prashant Mehta and his members of the family owe considerable quantities to HDFC Bank which have been by no means repaid. Recovery and enforcement movements had been taken by way of the Bank over 20 years and at each and every level Prashant Mehta and his different members of the family have introduced a lot of vexatious prison movements,” the financial institution spokesperson additional mentioned.

“Having constantly failed in any respect ranges together with the Supreme Court, they have got now resorted to the new mala fide private assaults at the Bank’s MD & CEO with the only goal of intimidating and bullying the Bank and its MD & CEO from wearing out the mandate of getting better all remarkable loans in each and every imaginable method permissible beneath regulation,” the spokesperson added.

“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,” the spokesperson added.