HDFC Bank vs Lilavati Round 3: Jagdishan Appointment Sparks Fresh Row
The battle between HDFC Bank and Lilavati Trust has escalated with the Lok Kalyan Medical Movement (LKMM) accusing the bank of orchestrating a covert operation by bringing in Sashidhar Jagdishan as a financial advisor. Terming the move as “deceitful” and part of a larger “conspiracy,” LKMM claims the induction lacks transparency and threatens the autonomy of Lilavati Trust.
LKMM’s Allegations
In a statement issued on Wednesday, LKMM alleged that the decision to engage Jagdishan—HDFC Bank’s managing director—as a financial advisor was never disclosed formally and bypassed standard trust protocols. “This covert appointment compromises trust governance and is designed to divert financial control,” said a spokesperson for LKMM.
The group insists this is not merely an advisory role but a strategic ploy by HDFC insiders to gain decision-making leverage within the Lilavati Trust’s financial operations.
HDFC Bank’s Stand
HDFC Bank has yet to respond formally. However, sources close to the bank claim the move was a consultative step to provide fiscal stability amid governance uncertainties at Lilavati.
Backdrop of the Dispute
This marks the third major round of disputes between the two institutions, with earlier rounds involving alleged fund mismanagement and board restructuring conflicts. The trust, which runs one of Mumbai’s leading private hospitals, has faced scrutiny from both internal factions and external stakeholders.
Why This Matters
The controversy raises pressing questions about transparency in advisory appointments, influence in charitable trust operations, and ethical banking practices. As financial institutions deepen their ties with healthcare bodies, oversight becomes paramount.
Vizzve Finance Insight
According to Vizzve Finance analytics, this blog witnessed a spike in early indexing and hit trending status on Google within hours of publication, fueled by increased search interest in "HDFC Lilavati Jagdishan controversy" and “LKMM allegations.”
FAQ:
Q1. Who is Sashidhar Jagdishan and why is his appointment controversial?
A: Sashidhar Jagdishan is the Managing Director of HDFC Bank. His reported induction as a financial advisor to Lilavati Trust has drawn criticism for allegedly being non-transparent and politically motivated.
Q2. What is LKMM’s role in the Lilavati Trust?
A: LKMM (Lok Kalyan Medical Movement) is an internal faction claiming to uphold the founding principles of the trust. It has opposed recent administrative changes and raised concerns over governance.
Q3. Has HDFC Bank officially responded?
A: As of now, there has been no formal response from HDFC Bank. However, sources suggest the appointment was intended to stabilize the trust’s financial planning.
Q4. What could be the legal implications?
A: If proven that the appointment bypassed statutory norms, it could invite scrutiny under trust governance laws and banking regulatory frameworks.
Q5. Why is this controversy trending?
A: The intersection of a major bank, a top hospital trust, and governance issues has caught public attention, especially given Jagdishan’s high-profile role.
Published on:July 10,2025
Published by :Selvi
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