High Court Quashes Bribery Case Against HDFC Bank's CEO

The Bombay High Court has nullified a bribery case against HDFC Bank MD and CEO Sashidhar Jagdishan. The court deemed the complaint from the Lilavati Kirtilal Mehta Medical Trust as a counteraction to the bank's recovery efforts. The case relates to financial conflicts and trustee disputes within the Trust.

The Bombay High Court has nullified a bribery accusation against HDFC Bank's MD and CEO, Sashidhar Jagdishan. The accusation was initially filed by the Lilavati Kirtilal Mehta Medical Trust, a move the court deemed as a retaliatory measure against the bank's recovery attempts of over Rs 65 crore in dues.

A division bench, comprising Justices M S Karnik and N R Borkar, highlighted the obligatory nature of financial institutions to initiate loan recovery proceedings. They ruled the complaint as an outcome of strained and acrimonious relations between the Trust's current and former trustees, which have in turn affected the bank's officials.

The case, linked to the recovery proceedings against Splendour Gems Ltd, saw allegations against Jagdishan of accepting a Rs 2 crore bribe. However, the High Court emphasized the absence of merit in the complaint, marking it as an abuse of court process.