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FIR filed against HDFC Bank CEO over Lilavati Trust allegations, bank calls charges baseless

The Mehta family has filed an FIR against HDFC Bank CEO Sashidhar Jagdishan over alleged financial misappropriation involving the Lilavati Trust. The bank denies the accusations, calling them baseless and retaliatory.

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In a major corporate development, the Mehta family has lodged an FIR against HDFC Bank’s Managing Director and CEO Sashidhar Jagdishan following serious allegations related to the Lilavati Trust. The move has triggered a public exchange of accusations between the prominent business family and India’s largest private-sector bank.

The FIR was filed on Sunday, 8 June 2025, after the Mehta family, who control the Lilavati Kirtilal Mehta Medical Trust, demanded Jagdishan’s resignation. The complaint comes amid claims of financial fraud and misappropriation of trust funds.

HDFC Bank responds to FIR, blames ‘malicious intent’

According to a regulatory filing by HDFC Bank, the FIR is part of an alleged campaign by certain individuals to stall recovery proceedings related to a long-pending loan default by Splendour Gems Ltd — a company owned by the Mehta family. The bank labelled the complaint as “frivolous”, “malicious” and aimed at tarnishing reputations.

“Having exhausted all legal avenues without success, these individuals have now resorted to launching personal attacks against HDFC Bank and its MD & CEO,” the bank stated in its filing. The bank emphasized that the legal battle stems from a 2004 Debt Recovery Tribunal ruling, which issued a recovery certificate for dues that remain substantially unpaid since Splendour Gems’ default in 2001.

Lilavati Trust’s serious accusations

The Lilavati Trust, which oversees Mumbai’s Lilavati Hospital, has also petitioned regulatory and governmental bodies including the RBI, SEBI and the Finance Ministry to suspend Jagdishan. The Trust accuses Jagdishan and eight others — including former bank employees — of orchestrating financial fraud involving misuse of the Trust’s funds.

Bank affirms legal course

Despite mounting pressure, HDFC Bank has confirmed it will continue to pursue recovery of public funds and defend the integrity of its leadership. “HDFC Bank will continue to pursue all lawful remedies to recover public funds and address the retaliatory actions taken by the Mehta family,” it said.

Market impact

HDFC Bank shares ended Friday’s trading session with a gain of 1.42%, closing at ₹1,978.70, as investors prepared for developments in the case when markets open on Monday, 9 June 2025.

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Vijay expresses gratitude to Modi, Rahul Gandhi for congratulatory messages after poll victory

Vijay thanked PM Modi and Rahul Gandhi after his party’s strong Tamil Nadu poll performance, promising governance focused on public welfare.

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Actor-turned-politician C. Joseph Vijay has thanked Prime Minister Narendra Modi and Congress leader Rahul Gandhi for congratulating him on his party’s strong performance in the Tamil Nadu Assembly elections 2026.

Vijay, who leads the Tamilaga Vettri Kazhagam (TVK), acknowledged the wishes shared by both leaders following the party’s impressive electoral debut, which has significantly altered the political landscape of Tamil Nadu.

Responding to the Prime Minister on social media platform X, Vijay said that his party’s focus would remain on public welfare and development. He emphasised that governance should rise above political differences and aim at improving the lives of the people.

“The well-being of our people remains our only goal… we shall focus on the state’s progress and welfare,” he said, while also expressing hope for support from the Union government in achieving these objectives.

The TVK has emerged as a major political force in the state, breaking the long-standing dominance of traditional parties and marking a major shift in Tamil Nadu’s political dynamics.

According to early developments, the party has staked claim to form the government and may seek additional support if required to prove its majority in the assembly.

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Mamata Banerjee questions poll process, targets Election Commission after defeat

Mamata Banerjee accuses the Election Commission of misconduct after BJP’s historic win in West Bengal, questioning the fairness of the electoral process.

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TMC chief alleges irregularities in electoral process as BJP secures decisive victory in West Bengal

Mamata Banerjee on Tuesday launched a sharp attack on the Election Commission of India, accusing it of playing “nasty games” during the recently concluded West Bengal Assembly elections.

Reacting to her party’s defeat, the Trinamool Congress (TMC) chief alleged that the electoral process was not conducted fairly and raised serious concerns over the role of authorities in the outcome.

According to reports, Banerjee claimed that the mandate did not reflect the true will of the people, suggesting that irregularities and manipulation may have influenced the results. She questioned the credibility of the election process and indicated that her party would review the situation further.

The remarks came after the Bharatiya Janata Party registered a historic win in West Bengal, marking a major political shift in the state.

Banerjee’s criticism adds to a series of allegations made during and after the election period, where she had earlier also raised concerns about counting procedures and the conduct of central agencies.

Despite the setback, the TMC leadership has signalled that it will continue to challenge the results politically, while maintaining that democratic norms must be upheld.

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Himanta Biswa Sarma attacks Congress after Assam win, says people made Pawan Khera eat Pera

Himanta Biswa Sarma targets Congress after BJP’s Assam win, saying voters made Pawan Khera eat pera.

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Assam Chief Minister Himanta Biswa Sarma launched a sharp attack on the Congress after the Bharatiya Janata Party (BJP)-led alliance secured a decisive victory in the 2026 Assam Assembly elections.

Reacting to the results, Sarma took a swipe at Congress leader Pawan Khera, saying that the people of Assam had made him “eat pera,” a remark aimed at highlighting the party’s defeat in the state.

The BJP-led National Democratic Alliance (NDA) registered a commanding win, marking its third consecutive term in Assam. The BJP itself won a significant number of seats, while its allies — the Asom Gana Parishad (AGP) and Bodoland People’s Front (BPF) — also contributed to the alliance’s strong tally.

The victory underlines the BJP’s continued dominance in the northeastern state, with Sarma emerging as the central figure in the party’s campaign and governance narrative.

Political observers note that the scale of the mandate reflects voter support for the party’s leadership and its governance approach, even as the opposition struggled to mount an effective challenge.

With this result, the BJP has further strengthened its position in Assam’s political landscape, while the Congress faces renewed questions over its performance in the state.

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