The Supreme Court has declined to entertain a plea filed by HDFC Bank’s CEO to quash a First Information Report (FIR) initiated by Lilavati Medical Trust. The apex court emphasised that judicial review at this stage would be premature, as the matter is already under the High Court’s consideration.
On July 4, 2025, a bench comprising Justices PS Narasimha and R Mahadevan decided not to entertain the petition filed by Sashidhar Jagdishan, the CEO and MD of HDFC Bank. The FIR in question was filed by Lilavati Medical Trust, and the petition sought its quashing. The bench clarified that since the matter is listed before the Bombay High Court for hearing on July 14, judicial propriety demands that the Supreme Court should not intervene.
Jagdishan approached the Supreme Court citing delays in proceedings due to recusals by three High Court judges. His legal representation argued that the repeated recusals were unjustly delaying justice and sought interim protection. However, the Supreme Court held firm, stating that since the matter is already scheduled for hearing, its intervention would set an improper precedent.
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Senior Advocate Mukul Rohatgi, appearing for the HDFC Bank CEO, contended that the FIR lacked merit and was being used as leverage in a private dispute between trustees of the Trust. He claimed the attempt was to coerce the CEO into police station visits. On the other hand, advocate Dr Abhishek Manu Singhvi, representing the Lilavati Trust, stated that the High Court hearing was scheduled with the consent of the petitioner and hence, any objection at the apex court stage was unwarranted.
HDFC Bank has categorically denied all allegations tied to the FIR. It stated that the bank and its officials are being targeted by unreliable elements attempting to delay the repayment of old loans. The bank identified Splendour Gems Ltd (formerly Beautiful Diamonds Ltd) as a key defaulting entity, asserting that such legal tactics were solely to obstruct the recovery process.
On July 4, 2025, HDFC Bank share price opened at ₹1,987.10 on NSE, near the previous close of ₹1,987.10. During the day, it surged to ₹2,003.50 and dipped to ₹1,980.00. The stock is trading at ₹1,986.00 as of 1:58 PM. The stock registered a marginal change of -0.06%.
Over the past week, it has declined by 0.77%, over the past month, it has moved up by 1.47%, and over the past 3 months, it has moved up by 10.49%.
The Supreme Court’s refusal to hear HDFC Bank CEO’s petition spotlights the ongoing legal back-and-forth concerning allegations from Lilavati Medical Trust. With the matter now awaiting hearing at the Bombay High Court on July 14, attention shifts to how the case unfolds and whether the accusations hold in court.
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Published on: Jul 4, 2025, 2:29 PM IST
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