Overview

• HDFC Bank has filed defamation and enforcement proceedings against Lilavati Kirtilal Mehta Medical Trust after the trust alleged it never took a loan and accused CEO Sashidhar Jagdishan of financial fraud.
• LKMM Trust insists no borrowing occurred and has demanded the bank produce an official loan agreement and ledger following claims of Rs 4.8 crore, Rs 450 crore and Rs 65.22 crore.
• The medical trust has called for Jagdishan’s suspension and prosecution, citing a handwritten diary entry alleging a Rs 2.05 crore payment to harass a trust family member.
• HDFC Bank denies any misconduct, asserts full compliance with governance standards and says legal action is needed to protect its recovery mandate.
• The dispute traces back to a years-long boardroom struggle at the trust over alleged embezzlement of more than Rs 1,250 crore and a lingering Rs 65.22 crore debt from the Mehta family’s Splendour Gems.