SC Defers HDFC CEO Jagdishan’s Petition; Bombay HC To Hear Financial Fraud Case On July 14

The Supreme Court declined to hear the petition filed by HDFC Bank CEO Sashidhar Jagdishan and directed him to first approach the Bombay High Court, which will hear the matter on July 14.

The bench, consisting of Justice PS Narasimha and Justice R Mahadevan, clarified that if the High Court does not conduct the hearing on that date, Jagdishan can then seek relief from the Supreme Court.

During the hearing, senior advocate Mukul Rohatgi, representing Jagdishan, highlighted that the case has faced significant delays.

He pointed out that four judges have recused themselves, causing the matter to remain pending for over three weeks.

Rohatgi urged the court to quash the FIR against Jagdishan, alleging that the Lilavati Kirtilal Mehta Medical Trust influenced the complaint.

The case has seen multiple bench changes. Initially, it was assigned to Justices AS Gadkari and Rajesh Patil, but Justice Patil recused himself before the hearing commenced.

Subsequently, the case moved to Justice Sarang Kotwal’s bench, which also recused itself.

The matter then reached Justices MS Sonak and Jitendra Jain; however, one judge stepped aside due to a conflict of interest, owning shares in HDFC Bank.

Financial fraud

The FIR against Jagdishan was lodged under Section 175(3) of the Bhartiya Nyaya Sanhita, following orders from a magistrate’s court.

The charges include cheating, breach of trust, and breach of trust by a public servant.

Authorities are investigating allegations of financial fraud involving Jagdishan.

The Lilavati Kirtilal Mehta Medical Trust alleges that its trustees misappropriated ₹14.42 crore, and Jagdishan allegedly received ₹2.05 crore.

The Trust claims that the Chetan Mehta group used these funds to illegally maintain control over the trust’s management.

In response to these allegations, the Trust has petitioned the Bombay High Court for a Central Bureau of Investigation (CBI) probe into the matter.

The ongoing legal battle highlights the complexities involved in high-profile financial fraud cases and the challenges courts face with judicial recusals and procedural delays.

This case underscores the importance of transparent governance and accountability within institutions and serves as a reminder of the judiciary’s critical role in upholding justice.

The Bombay High Court’s upcoming hearing will be pivotal in determining the next steps in this high-stakes dispute.

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