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The Bombay High Court on Tuesday quashed a bribery case against HDFC Bank MD and CEO Sashidhar Jagdishan filed by the Lilavati Kirtilal Mehta Medical Trust, calling the complaint a "counterblast" to the bank's recovery proceedings to reclaim dues of over Rs 65 crore. A division bench of Justices M S Karnik and N R Borkar stated that financial institutions are bound to initiate proceedings for recovery of loan amounts, and observed that the complaint was a result of the acrimony and strained relations between the Trust's past and present trustees. Lilavati Kirtilal Mehta Medical Trust runs Lilavati Hospital in Bandra. "In our view, the complaint is nothing but a counterblast to the recovery proceedings initiated, and the materials on record do not at all justify an investigation into the claim made by the complainant," the court said. It also refused to accept the complainant's claim that the Trust's founder, Kishore Mehta, died in 2024 because of pressure mounted by the bank and sa
Three officials of leading private banks were arrested for their alleged involvement in a Rs 2,500-crore cyber fraud racket in Gujarat's Rajkot district, bringing the number of those held so far in the case to 20, police said on Monday. Those arrested were identified as Maulik Kamani, a personal manager at Yes Bank in Padadhari; Kalpesh Dangariya, a manager at Axis Bank in Jamnagar; and Anurag Baldha, a personal banker with HDFC Bank, Rajkot (Rural) Superintendent of Police Vijay Gurjar said. Dangariya and Baldha were previously employed with Yes Bank, he added. Kamani allegedly assisted the earlier arrested accused in opening and managing suspicious accounts. He also helped bypass banking alerts triggered by high-value transactions by submitting additional documentation to keep accounts active, the SP said. Kamani was allegedly involved in cash withdrawals that were later routed through hawala channels (illegal money transfer system), supported by digital evidence recovered from h
The combined market valuation of eight of the top-10 most valued firms surged by Rs 4,13,003.23 crore last week, with HDFC Bank and ICICI Bank emerging as the biggest gainers, in tandem with an optimistic trend in equities. Last week, the BSE benchmark Sensex jumped 4,230.7 points or 5.77 per cent, and the NSE Nifty surged 1,337.5 points or 5.88 per cent. "Sentiment remained buoyant amid optimism surrounding a temporary USIran ceasefire, although lingering geopolitical uncertainties capped the pace of gains as the week progressed," Ajit Mishra, SVP, Research, Religare Broking Ltd, said. A sharp decline in crude oil prices below the USD 100 mark eased domestic concerns and triggered a strong rebound across markets, he added. From the top-10 pack, HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, Tata Consultancy Services (TCS), Bajaj Finance, Larsen & Toubro and Hindustan Unilever were the winners, while Reliance Industries and Infosys faced erosion from their ...
The Reserve Bank did not come across any governance or conduct-related issues during supervisory inspection of HDFC Bank, Governor Sanjay Malhotra said on Wednesday. Responding to a question at the post-monetary policy press conference on sudden resignation of HDFC Bank Chairman Atanu Chakraborty and subsequent fall in its share price, Malhotra said RBI had also seen minutes of meetings of the lender, and the RBI did not find any thing of material concern. He said the RBI in its press release on March 19 too had said there were no material concerns on record as regards the bank's conduct or governance. "HDFC Bank is a Domestic Systemically Important Bank (D-SIB) with sound financials, professionally run board and competent management team. Basis our periodical assessment, there are no material concerns on record as regards its conduct or governance," the RBI said in its press release. Chakraborty had resigned on March 18. Malhotra also asserted that India's banking system is "very