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Bombay High Court quashes FIR against HDFC Bank CEO in Lilavati trust fraud case
The Bombay High Court quashed the FIR against HDFC Bank MD & CEO Sashidhar Jagdishan, Phoenix ARC executives, and LKMM Trust officials, deeming the complaint an abuse of the process of law. The court noted the case largely stemmed from recovery proceedings and did not establish essential criminal elements. The decision followed prior regulatory actions affecting the LKMM Trust and its trustees.
Why It Matters
This ruling dismisses criminal proceedings linked to the Lilavati Trust amidst ongoing recovery actions, potentially impacting governance and accountability surrounding the trust and related financial reorganizations.
Timeline
4 Events
Bombay High Court quashes FIR in Lilavati trust case
May 5, 2026
The Bombay High Court quashed the FIR against Jagdishan, Elavia, Srinivasan and Phoenix ARC, ruling the complaint was a gross abuse of the criminal process and did not disclose essential ingredients of sections 406, 409 or 420 of the IPC; the court also rejected a separate LKMM Trust petition to transfer the probe to the CBI.
FIR registered against Jagdishan, Phoenix ARC after Bandra court order
May 29, 2025
A metropolitan magistrate court in Bandra issued an order, pursuant to which the Bandra police registered the FIR against HDFC Bank CEO Sashidhar Jagdishan, Phoenix ARC Pvt Ltd and two of its senior executives.
Assistant Charity Commissioner orders LKMM Trust takeover by new trustees
December 14, 2023
The Assistant Charity Commissioner issued orders for takeover of the LKMM Trust by new trustees.
Supreme Court orders LKMM Trust takeover by new trustees
August 18, 2023
The Supreme Court issued orders directing changes in the LKMM Trust management, leading to new trustees taking over the trust.