No Relief for HDFC Bank MD Jagdishan: Supreme Court Sends Him Back to Bombay HC

On Friday, July 4, 2025, the First Information Report (FIR) was filed against Managing Director and CEO of HDFC Bank Sashidhar Jagdishan by Lilavati Kirtilal Mehta Medical Trust, governing Mumbai’s historic Lilavati Hospital. The Supreme Court would not entertain a plea by Jagdishan to quash the criminal FIR filed against him.

The FIR, registered at Bandra police station on May 31, alleges that Jagdishan accepted a Rs 2.05 crore bribe in exchange for financial advice presumed to help the Chetan Mehta Group gain or retain undue influence over the Trust’s governance. Accused under IPC Sections 406 (criminal breach of trust), 409 (criminal breach of trust by a public servant), and 420 (cheating), Jagdishan has strongly denied all charges and termed the FIR “frivolous” and “malicious”.

A bench comprising Justices P.S. Narasimha and R. Mahadevan observed that the matter was already scheduled for hearing before the Bombay High Court on July 14 and that it would be inappropriate for the Supreme Court to step in at this stage. The bench noted that three different benches of the Bombay High Court had earlier recused themselves due to conflicts, including shareholdings and other reasons, which are causing delays in the progress of the case.

Senior advocate Mukul Rohatgi, representing Jagdishan, sought interim relief and argued that the FIR was part of a private dispute between trustees intended to damage the reputation of the bank and subject the MD to unnecessary coercion. The court, while expressing sympathy at the repeated bench recusals, chose not to grant interim protection and directed Jagdishan to pursue his remedy before the Bombay High Court on the scheduled date. The bench said, “If the matter is not heard on the 14th, you may return to this court,” adding, “We hope and trust that the high court will take it up on that date.”