HDFC Financial institution responded to allegations from Lilavati Kirtilal Mehta Medical Belief, dismissing calls for for the suspension and prosecution of its CEO Sashidhar Jagdishan as a “malicious” try and derail a two-decade mortgage restoration battle.
In a press release, the financial institution defended Jagdishan, calling the allegations “outrageous and preposterous.”
A spokesperson stated the claims have been the newest tactic by Prashant Mehta, a trustee of Lilavati Belief, and his household to dodge reimbursement of “substantial” dues owed to the financial institution.
“Mr. Sashidhar Jagdishan is being focused by unscrupulous individuals who’re abusing the authorized course of,” the financial institution stated. It accused Mehta and his relations of repeatedly launching “vexatious authorized actions” after failing to win reduction from any judicial physique, together with the Supreme Court docket.
HDFC Financial institution described the transfer as a part of a “mala fide” marketing campaign to intimidate its management and keep away from monetary accountability.
HDFC Financial institution stated it has secured “complete authorized recommendation” and stays dedicated to defending its CEO’s popularity. “The Financial institution takes immense pleasure within the integrity and management of its MD & CEO,” the assertion added.
Jagdishan, who has led the financial institution since 2020, was not individually quoted, however the assertion made clear that the establishment sees the assault as a part of a broader, long-running effort to undermine lawful restoration actions.
Full assertion:
HDFC Financial institution’s MD and CEO Mr. Sashidhar Jagdishan is being focused by unscrupulous individuals who’re abusing the authorized course of to thwart the restoration of the lengthy excellent mortgage as a result of Financial institution from recalcitrant defaulters.
The allegations made by Lilavati Belief, its Trustees and Officers towards the Financial institution’s MD and CEO are baseless and malicious. The outrageous and preposterous allegations are strongly and categorically denied.
The Trustee, Prashant Mehta and his members of the family owe substantial quantities to HDFC Financial institution which have been by no means repaid. Restoration and enforcement actions have been taken by the Financial institution over twenty years and at each stage Prashant Mehta and his different members of the family have launched quite a few vexatious authorized actions.
Having constantly failed in any respect ranges together with the Hon’ble Supreme Court docket, they’ve now resorted to the current mala fide private assaults on the Financial institution’s MD & CEO with the only goal of intimidating and bullying the Financial institution and its MD & CEO from finishing up the mandate of recovering all excellent loans in each potential method permissible below regulation.
The Financial institution has obtained complete authorized recommendation and illustration on this regard and is dedicated to pursuing authorized treatments and choices to defend its MD & CEO’s popularity. The Financial institution takes immense pleasure within the integrity and management of its MD & CEO.
The Financial institution is assured that our judicial course of will recognise the fraudulent intention and devious targets of the Trustee and officers of Lilavati Belief of tarnishing the picture of the Financial institution and its MD and CEO.
