Overview
- HDFC Bank chief Sashidhar Jagdishan won relief when the Bombay High Court on Tuesday set aside the Bandra FIR and the magistrate’s order that triggered it.
- The court also quashed linked cases against asset buyer Phoenix ARC and two of its senior executives after finding the accusations tied to debt recoveries.
- The bench called the complaint a counterblast to proceedings over unpaid dues near ₹65 crore involving Splendour Gems, a company linked to the Mehta family.
- The judges said the claims, even if accepted, did not show entrustment or dishonest inducement under IPC sections 406, 409, or 420, and a photocopied cash diary was not credible proof.
- The court refused to move the probe to the Central Bureau of Investigation, saying the Economic Offences Wing had barely begun work and that civil suits and recovery cases will continue.