Lilavati Trust says no dues owed to HDFC Bank
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Synopsis
Lilavati Kirtilal Mehta Medical Trust accuses HDFC Bank's Sashidhar Jagdishan of accepting a bribe. The trust denies any outstanding dues to the bank. They claim no connection to Splendour Gems Ltd. HDFC Bank counters, stating the trust is trying to block loan recovery. The bank says Splendour Gems defaulted in 1995. Outstanding dues are approximately Rs 65.22 crore.
By PTI
Last Updated:
Launching a fresh attack on HDFC Bank MD and CEO Sashidhar Jagdishan, Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) on Monday said the trust or its permanent trustee Prashant Kishor Mehta has no outstanding dues to the private bank.
The Trust alleged that the Rs 2.05 crore bribe money paid to HDFC Bank MD and CEO Sashidhar Jagdishan to help Chetan Mehta group remain illegally in control of the LKMM Trust.
There is no denial by MD and CEO on the bribe paid and favour enjoyed by him, the statement alleged.
The Trust oversees Lilavati Hospital in Mumbai.
The statement further said that civil and criminal defamation proceedings have been initiated against the MD and CEO for over Rs 1,000 crore loss caused to the Trust.
However, HDFC Bank on Sunday said the bank and its senior officials are 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 i.e Splendour Gems Ltd (formerly known as Beautiful Diamonds Ltd).
Splendour Gems Limited, a company owned by the Mehta family, defaulted on loan facilities granted by HDFC Bank along with the other consortium banks in 1995, the bank said in a statement on Sunday.
The outstanding dues towards HDFC Bank, including interest, amount to approximately Rs 65.22 crore as on May 31, 2025, it had said.
Despite a recovery certificate issued by the Debts Recovery Tribunal in 2004 and subsequent enforcement actions, the dues remain unpaid. Splendour Gems Ltd also has been borrowing from other Banks/institutions, it had said.
HDFC Bank will continue to pursue all lawful remedies to recover public funds and address the retaliatory actions taken by the Mehta family as well as to defend the reputation and integrity of HDFC Bank, its Directors and other employees, it had said.
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It has never borrowed a single rupee from the bank nor they are connected to the borrowing company (Splendour Gems Ltd) in question whatsoever, LKMM said in a statement.The Trust alleged that the Rs 2.05 crore bribe money paid to HDFC Bank MD and CEO Sashidhar Jagdishan to help Chetan Mehta group remain illegally in control of the LKMM Trust.
There is no denial by MD and CEO on the bribe paid and favour enjoyed by him, the statement alleged.
The Trust oversees Lilavati Hospital in Mumbai.
The statement further said that civil and criminal defamation proceedings have been initiated against the MD and CEO for over Rs 1,000 crore loss caused to the Trust.
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However, HDFC Bank on Sunday said the bank and its senior officials are 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 i.e Splendour Gems Ltd (formerly known as Beautiful Diamonds Ltd).
Splendour Gems Limited, a company owned by the Mehta family, defaulted on loan facilities granted by HDFC Bank along with the other consortium banks in 1995, the bank said in a statement on Sunday.
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The outstanding dues towards HDFC Bank, including interest, amount to approximately Rs 65.22 crore as on May 31, 2025, it had said.
Despite a recovery certificate issued by the Debts Recovery Tribunal in 2004 and subsequent enforcement actions, the dues remain unpaid. Splendour Gems Ltd also has been borrowing from other Banks/institutions, it had said.
HDFC Bank will continue to pursue all lawful remedies to recover public funds and address the retaliatory actions taken by the Mehta family as well as to defend the reputation and integrity of HDFC Bank, its Directors and other employees, it had said.
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