In an escalating legal battle, the Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) has alleged that HDFC Bank CEO and MD, Shashidhar Jagdishan, was clandestinely appointed as Financial Advisor to the Trust without the knowledge or consent of its permanent trustees, Kishor Mehta and Charu Mehta.
A press statement released on Thursday claims the appointment letter, dated February 2, 2022, was deliberately concealed. The Trust alleges it was orchestrated by Chetan Mehta in collusion with certain trustees to manipulate control over the Trust's finances and governance.
&ldquo;This covert appointment was never presented for approval to the founder trustees nor disclosed in formal board proceedings,&rdquo; said Prashant Mehta, a permanent trustee, calling the move &ldquo;unethical and in violation of fiduciary standards expected in the banking sector.&rdquo;
Adding to the controversy, the Bombay High Court witnessed a fourth judge recuse himself from hearing Jagdishan&rsquo;s plea seeking to quash an FIR accusing him of accepting ₹2.05 crore in kickbacks in exchange for aiding Chetan Mehta in retaining illegal control over the Trust.
Earlier, the Supreme Court had declined to intervene, stating the matter was listed before the Bombay HC on July 14.
The Trust also highlighted a web of alleged irregularities, including unauthorized deposits, misuse of CSR funds, and free medical treatment extended to certain individuals, all allegedly linked to the same network of influence.
LKMM Trust stated it remains committed to exposing the alleged misconduct and preserving the hospital&rsquo;s founding principles.
[Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed.]

Lilavati Trust Accuses HDFC Bank CEO of Secret Appointment

LKMM Trust claims CEO Shashidhar Jagdishan was covertly appointed, raising legal and ethical concerns.

Lilavati Trust Accuses HDFC Bank CEO of Secret Appointment

LKMM Trust claims CEO Shashidhar Jagdishan was covertly appointed, raising legal and ethical concerns.

July 10, 2025 | 21:25 IST