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According to an exchange filing by HDFC Bank on Sunday evening, in 2001, Splendour Gems Limited, owned by the Mehta family, defaulted on loan facilities granted in 1995 by HDFC Bank and the other consortium banks.
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Updated : Jun 09, 2025, 05:13 PM IST
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Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) has called for the immediate suspension and prosecution of Managing Director and CEO of HDFC Bank, Sashidhar Jagdishan, alleging that the latter was directly involved in "serious financial fraud, criminal conspiracy, abuse of fiduciary position, evidence tampering, and obstruction of justice."
The trust has filed an FIR against HDFC Bank's MD and CEO.
According to an exchange filing by HDFC Bank on Sunday evening, in 2001, Splendour Gems Limited, owned by the Mehta family, defaulted on loan facilities granted in 1995 by HDFC Bank and the other consortium banks. The private lender informed stock exchanges that it vows to continue all lawful remedies to recover the dues from the defaulter.
According to the private lender, the outstanding dues towards HDFC Bank, including interest, amount to approximately Rs 65.22 crore as of May 31, 2025.
Who is Sashidhar Jagdishan?
Sashidhar Jagdishan, Managing Director (MD) and Chief Executive Officer (CEO) of HDFC Bank, is a Mumbai University alumnus. He has over 30 years of experience in the banking sector. Jagdishan joined HDFC Bank in 1996 as a manager in the finance department. Before this, he worked at Deutsche Bank AG in Mumbai for three years. Born in Mumbai, he also completed his bachelor's in Science (Physics) from Mumbai University. He also holds a Master's degree in Economics of Money, Banking, and Finance from the University of Sheffield, UK. Jagdishan is also a qualified Chartered Accountant (CA).
He was the highest-paid bank CEO in FY23 when he earned over Rs 10.55 crore in overall pay, according to disclosures made in annual reports in 2023. Jagdishan's package included a basic salary of Rs 2.82 crore, allowances and perquisites of Rs 3.31 crore, provident fund of Rs 33.92 lakh and a performance bonus of Rs 3.63 crore./
The market capitalisation of HDFC Bank is Rs 15,15,854 crore.
With ANI inputs
