In a major development, the Lilavati Kirtilal Mehta Medical Trust, a registered charitable institution engaged in public health services, has demanded the immediate removal of HDFC Bank Managing Director and CEO Sashidhar Jagdishan over alleged involvement in serious financial misconduct. The Trust has formally appealed to regulatory authorities, including the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), and the Ministry of Finance, seeking urgent action and a full-scale investigation into the matter.
According to the Trust, the allegations against Jagdishan are supported by evidence referenced in a First Information Report (FIR) and accepted by the court. The charges include financial fraud, criminal conspiracy, breach of trust, destruction of evidence, and obstruction of justice. “The involvement of a top executive of a leading financial institution in such serious charges raises concerns not just about internal governance at HDFC Bank, but also about larger systemic risks,” the Trust said in a statement.
Lilavati Medical Trust has demanded Jagdishan’s immediate suspension pending a comprehensive investigation. The Trust argues that continuing in his role could potentially interfere with the ongoing legal and regulatory proceedings. The matter has drawn attention in financial and legal circles, with industry observers awaiting a response from the regulatory bodies. As of now, HDFC Bank has not issued an official statement in response to the allegations or the Trust's demands.