InfraLive September-15, 2025

Bonding of Sashidhar with Group-2 Members InfraLIVE September 15, 2025 20 www.infralive.com has not denied this letter. In this regard, we had sent him the fol- lowing question: “The documents filed in the c o u r t s h o w t h a t o n 0 2 . 0 2 . 2 0 2 2 , t h e T r u s t appointed you as Financial Advisor. Was it an honorary post, or you were receiving or promised any benefit in lieu of the same? When did you resign?” But, he kept quiet on this issue despite reminders. Accepting such an appoint- ment is in violation of HDFC's own “Code of Conduct and Ethics Manual”. Para 1.8 of the saidman- ual state, “An employee of the bank shall not , wi thout the wr i t t en approval of the competent authority, accept any position such as Chairperson / Trea- surer / Secretary etc. of Hous- ing Society or of any welfare Trust /NGOetc.” A whistle-blower, in a state- ment be f or e the Economi c Offence Wing (EOW) of Mumbai Police, has also confirmed that Mr Sashidhar's appointment at Lilavati hospital/Trust as well as getting cash/discounts in medical bills was a common knowledge in his bank. Before accepting the position, did he seek approval of the HDFC Board? This is what he has not answered yet. Heavily discounted treat- ment at hospital The second set of documents relate to getting substantial dis- counts on hospital bills by Mr Sashidhar for his relatives admit- ted in Lilavati Hospital. There are two bills. One bill dated September 20, 2019 was of Rs 1,373,862, which was slashed by 75 per cent to Rs 3 5 0 , 5 1 6 . F o r t h i s D r V Ravishankar, COO of the hospital issued direction citing instruc- tions from two members of Group-2 (Mr Che t an & Mr Rashmi). This bill was for the treatment that Mr Sashidhar's w i f e Ms Na g s r i S a s h i dha r received at the hospital (scan at pg 22). The second bill dated October 2, 2021 was of Rs 353,898, which was slashed by 78 per cent to Rs 79,800. For this also, instructions were issued by Dr Ravishankar on the directions of the same two members of Group-2. This bill was for the treatment of Mr Sashidhar's mother-in-law Ms Prabha Prasad (scan at pg 23). Besides the above two bills, the members of Group-1 have stated n Part-1, we showed how I HDFC Bank, after obtaining favourable order for recovery of loaned amount, abandoned recovery path and started insolvency proceedings in 2006 itself against Kishor Mehta, whereas all its peers settled their outstanding through auction of assets/OTS route. In Part- 2, we explained the constituents of Mehta family and how themembers of Group-2 captured the Trust illegally, and how Group-1 returned to regain it in January 2024. When the process of insolvencywas initiated, Deepak Parekh was the chairman of the bank (1993 to June 30, 2023), Aditya Puri was the MD & CEO (1994 to October 26, 2020), and Sashidhar Jagdishan was the head of finance since 1999. In 2008, Mr Sashidhar became chief financial officer (CFO), and on Oct 27, 2020 he replacedMr Puri asMD&CEO. There are two noticeable coinci- dences in this matter. First, against the members of Group-1, HDFC had engaged the same law firm (K Asher & Co) that was being used by the mem- bers of Group-2. Second, Chetan Mehta of Group-2 andMr Parekh stay in the same build- ing i.e. The Imperial – North Tower, Tardeo, BB Nakashe Marg, Mumbai. Mr Chetan stays in flat No. 3205, whileMr Parekh stays in 4607. After reclaiming control over Trust, the Group-1 members filed certain documents before the court on an affidavit. In this part of the story, we will discuss about three such docu- ments. Appointment as Financial Advi- sor First document is an appointment letter dated February 2, 2022 which is addressed to Mr Sashidhar, appoint- ing himas the Financial Advisor of the Trust. The letter is signed by late Ms Rekha Sheth, as the Permanent Trustee of the Trust (scan at pg 21). In his court filings, Mr Sashidhar Part-3 Bonding of Sashidhar with Group-2 Members Sashidhar got post, treatment discounts & business