InfraLive September-15, 2025

Bonding of Sashidhar with Group-2 Members www.infralive.com 21 InfraLIVE September 15, 2025 viduals involved to discern.” In this regard, we had sent Mr Sashidhar the following question: “The documents filed in the court show that youmanaged … medical treatments, which are a t sub s t an t i a l d i s coun t s . Besides the above, it is being claimed in the court documents that you and your relatives were admitted to Lilavati Hos- pital multiple times forwhich no bills were generated i.e. the entire treatment was provided at zero bill.” But, on this issue also he kept quiet despite reminders. FD&BuyingBonds Whenmembers of Group-2 were in control, the Hospital and Trust made substantial deposits inHDFC Bank despite liquidity crunch. One document shows an investment of Rs 3.22 crore on July 31, 2019 in Fixed Deposit by the hospital (scan at pg 24). Another document shows that on September 29, 2020, HDFC Bank issued “6.43% HDFC2025” Security Bonds worth Rs 5,000 Cr (Face Value of Rs 10 lakh each), for which interest is payable annually. On July 12, 2022 the Trust bought Corporate Bonds of Face Value Rs 20Cr (Rs 10 Lakh x 200 units) from private market (AUM capital Mar- ket Pvt Ltd) by paying a total con- sideration of Rs 20.60 Cr. This includes payment of interest for 287 days (from 29.09.2021 to 13.07.2022). The bonds were pur- chased at discounts of 2.015 per cent of Face Value (scan at pg 25). It is not clear why the Trust, which was not showing any profits and was using OD facility from its bank to meet its expenses, had purchased bonds, and that too which were offering lower interest rates, whereas similar bonds were available at higher interest rates from reputed banks including HDFCBank. In this regard also we asked for an answer from Mr Sashidhar, but he chose to keep quiet on this issue aswell despite reminders. All the above moves show signs of extraordinary relationship of pecuniary benefits between mem- bers of Group-2 andMr Sashidhar. before the court that there are sev- eral such incidences of massive discounting. They have also stated that in many cases, treatment used to be received by Mr Sashidhar and his family members for which no bill was issued by the hospital. This is also a violation of para 1.2.1 of HDFC's ethics manual which states, “No employee of the bank shall either receive or offer / make directly or indirectly any illegal payments, remuneration, gifts, donations, favour…..” The same manual describes HDFC's philosophy on the Code of Conduct as follows: “A possible conflict of interest may arise, whenever we (or a member of our immediate fam- ily) have either a direct or indi- rect interest in any transaction or proposed t ransac t i ons involving HDFC Bank that might affect our decision. The appearance of a conflict of interest may be just as damag- ing to HDFC Bank's reputation as a real conflict and may be even more difficult for the indi- Trust appointed HDFC MD & CEO as Finance Advisor