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Supreme Court Declines to Quash FIR Against HDFC Bank MD Sashidhar Jagdishan; Bombay HC to Hear Next on July 14
News
05 July 2025
2 min read
55
The Supreme Court on July 4, 2025, refused to quash the First Information Report (FIR) filed against Sashidhar Jagdishan, MD & CEO of HDFC Bank, and directed the Bombay High Court to proceed with the hearing scheduled for July 14. The FIR, lodged by the Lilavati Kirtilal Mehta Medical Trust, alleges that Jagdishan accepted â‚ą2.05 crore in bribes to influence governance in favour of the Chetan Mehta group.
During the brief hearing, the Supreme Court bench led by Justices P.S. Narasimha and R. Mahadevan stated that it would be inappropriate to intervene while the High Court is yet to hear the case. Senior advocate Mukul Rohatgi, representing Jagdishan, maintained that the FIR is "frivolous" and part of a private dispute, designed to pressure the bank in a recovery battle, and noted that several benches in Bombay HC had recused themselves, delaying proceedings. The apex court also assured that if the matter is not addressed in Bombay HC, the Supreme Court would revisit it .
The FIR, registered in May, accuses Jagdishan of criminal breach of trust and cheating, based on entries in a seized cash diary totaling ₹14.42 crore—records which his legal team has described as fabricated. HDFC Bank, through Rohatgi, has claimed there's no threat of arrest before the High Court hearing, terming the FIR "malicious and baseless" and motivated by defaulters hoping to derail the bank’s recovery efforts.
As the case moves to Bombay High Court on July 14, all eyes will be on whether the proceedings proceed without further delay, offering clarity on both the legal merits and reputational implications for HDFC Bank and its CEO.
Reference: ETBFSI
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