Lilavati Medical Trust Files Rs 1,000 Crore Defamation Lawsuit Against HDFC Bank CEO

Lilavati Kirtilal Mehta Medical Trust has initiated a Rs 1,000 crore civil defamation lawsuit against HDFC Bank's Managing Director and Chief Executive Officer Sashidhar Jagdishan, it said in a press release.

The Trust has accused Jagdishan of orchestrating a coordinated campaign of false and defamatory statements aimed at maligning the Trust and its Permanent Trustee Prashant Mehta.

Alongside the civil suit, the Trust has also filed a criminal defamation complaint before the learnt Metropolitan Magistrate, Girgaon, to issue summonses to Jagdishan and senior HDFC Bank officials.

According to the Trust, the defamatory claims are part of a deliberate attempt to obstruct its operations as a public charitable institution.

It has questioned inconsistencies in HDFC Bank's allegations, including the sudden appearance of a Rs 65 crore loan figure related to Splendour Gems—a matter dormant for over a decade—contradicting earlier court documents citing only Rs 5 crore outstanding.

It has also raised questions about why there was no action taken by HDFC Bank between 2005 and 2019 and points to Jagdishan's personal association with Chetan Mehta, who was recently convicted of criminal defamation in Dubai.

The Trust has also challenged HDFC Bank to produce any loan agreement or official ledger validating its claims, emphasising that it has never been a borrower but rather a lender, having deposited Rs 48 crore in fixed deposits and bonds with the bank.

It has also highlighted the bank's failure to notify regulators about the criminal defamation case against Jagdishan, which shows serious allegations against him, including accepting free medical treatment, facilitating a Rs 2.05 crore bribe, and making unauthorised deposits and payments in contempt of a High Court injunction.

The Trust insists that its legal actions are not retaliatory but necessary to defend its reputation and uphold institutional accountability.