HDFC Bank CEO’s Stand Vindicated, Bombay HC Quashes FIR Against Him

HDFC Bank MD & CEO Sashidhar Jagdishan has been vindicated for his steadfast refusal to bow to pressure. Despite facing serious allegations of financial impropriety, Jagdishan maintained his silence and his stance, even when advised to address the media. His faith in the judicial system was rewarded on May 5, 2026, when the Bombay High Court quashed the FIR filed against him. The controversy began in June 2025 when the Lilavati Kirtilal Mehta Medical Trust—the body managing Mumbai’s iconic Lilavati Hospital—filed a FIR against Jagdishan. The trust alleged that Jagdishan accepted a Rs 2.05 crore bribe to assist specific trustees in maintaining control and interfering in the trust’s internal management. HDFC Bank dismissed the claims as “malicious and baseless,” asserting that the FIR was a retaliatory tactic designed to stall the recovery of over Rs 14.74 crore in outstanding loans from the trust’s affiliates. A division bench of Justices M S Karnik and N R Borkar allowed Jagdishan’s plea, effectively setting aside a previous magistrate court order from May 29 that had called for a police investigation. The High Court observed that the FIR appeared to be a product of “personal vendetta” and a misuse of the legal process. Throughout the ordeal, Jagdishan reportedly declined suggestions to hold a Press Conference to “clear the air,” choosing instead to let the legal process take its course. While the trust requested the case be transferred to the CBI, the High Court dismissed the notion as premature, finding no prima facie evidence of a criminal offense.