New Delhi [India], June 8 (ANI): An FIR has been filed against HDFC Bank's MD and CEO by a certain Mehta family that defaulted on a bank loan provided back in 1995. The private lender informed stock exchanges on Sunday evening, as it vowed to continue all lawful remedies to recover the dues from the defaulter.

In 2001, Splendour Gems Limited, owned by the Mehta family, defaulted on loan facilities granted in 1995 by HDFC Bank along with the other consortium banks, the HDFC Bank informed stock exchanges.

Despite a recovery certificate issued by the Debt Recovery Tribunal in 2004 and subsequent enforcement actions, the dues remain substantially unpaid, the bank said.

The outstanding dues towards HDFC Bank, including interest, amount to approximately Rs 65.22 crore as on May 31, 2025.

'In response to ongoing recovery proceedings, members of the Mehta family have initiated multiple legal actions and complaints against HDFC Bank and its senior officials. These include criminal complaints, minority rights petitions, and representations to regulatory authorities--all of which have been dismissed or are under legal challenge. HDFC Bank firmly believes that these allegations are retaliatory in nature and have mala fide intention solely at evading repayment of long-standing dues,' the bank said in its statement.

Mehta Family, once again, through Lilavati Kirtilal Medical Trust, has filed a complaint against HDFC Bank's MD and CEO.

HDFC Bank unequivocally 'rejects and strongly condemns the malicious and baseless allegations levelled and maintains that these allegations are completely false, outrageous and constitute a gross misuse of the legal process.'

HDFC Bank firmly believes that 'these actions (by Mehta family) are a deliberate attempt to obstruct and undermine legitimate recovery proceedings related to substantial long-outstanding dues owed by Splendour Gems Limited.'

'Having exhausted all legal avenues without success, these individuals have now resorted to launching personal attacks against HDFC Bank and its MD and CEO in a clear attempt to malign their reputation and intimidate HDFC Bank into halting its recovery actions. These actions appear to be a calculated distraction from their own failures and liabilities,' the bank added.

In the statement, HDFC Bank reiterates its commitment to the highest standards of corporate governance.

HDFC Bank said it has robust internal controls and compliance mechanisms to ensure adherence to legal and regulatory requirements.

'HDFC Bank's governance framework is designed to uphold transparency, accountability, and ethical conduct in all its operations. HDFC Bank believes in fostering a culture of ethics and integrity ensuring that the highest standards of corporate governance are maintained. HDFC Bank's commitment to ethical conduct is reflected in its policies, procedures and actions,' HDFC Bank said.

'HDFC Bank will continue to pursue all lawful remedies to recover public funds and address the retaliatory actions taken by the Mehta family as well as to defend the reputation and integrity of the Bank, its Directors and other employees. HDFC Bank remains dedicated to upholding its reputation for corporate governance and ethical conduct,' HDFC Bank concluded its statement. (ANI)