Supreme Court To Hear HDFC Bank CEO’s Plea In Financial Fraud Case On 4 July

The Supreme Court has agreed to urgently hear a petition filed by Sashidhar Jagdishan, CEO of HDFC Bank, who is facing serious allegations of financial misconduct.

The bench comprising Justice MM Sundresh and Justice K Vinod Chandran will hear the matter on 4 July 2025.

Senior Advocate Mukul Rohatgi, representing Jagdishan, urged the court for an early hearing.

He argued that the FIR filed against his client was malicious and instigated by the Lilavati Kirtilal Mehta Medical Trust, demanding its immediate quashing.

Rohatgi informed the Supreme Court that three different judges of the Bombay High Court had recused themselves from hearing the matter, causing significant delays in the case.

Justice AS Gadkari and Justice Rajesh Patil initially received the petition, but Justice Patil recused himself before the hearings could begin.

The case then went before Justice Sarang Kotwal, who also stepped aside.

Subsequently, the matter reached Justice MS Sonak and Justice Jitendra Jain, but one of the judges on the bench cited personal shareholding in HDFC Bank as a conflict of interest and declined to hear the case.

Allegations against Jagdishan

A magistrate court ordered the registration of an FIR against Jagdishan under Section 175(3) of the Bharatiya Nyaya Sanhita (BNS).

The charges also include cheating, breach of trust, and criminal misconduct by a public servant. The police were directed to investigate alleged financial irregularities linked to the trust.

In its complaint, the Lilavati Kirtilal Mehta Medical Trust accused Jagdishan of receiving ₹2.05 crore from the ₹14.42 crore allegedly embezzled by the trust’s own trustees.

The complaint alleges that the Chetan Mehta Group used this money to unlawfully maintain control over the trust’s management.

The Trust has separately filed a petition in the Bombay High Court, seeking a CBI investigation into the matter.

It alleges deep-rooted collusion and financial misconduct, extending beyond Jagdishan to a broader network of individuals associated with the bank and the trust.

The Supreme Court’s decision to take up the matter on 4 July could prove pivotal for Jagdishan, who is seeking relief from what he claims is a baseless and politically motivated complaint.

The outcome may also influence the broader investigation and any future probe by the CBI.

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