Transfer Rs 66cr FD funds to Lilavati Hospital Trust, Bombay high court orders bank

Mumbai: Bombay high court directed IndusInd Bank to encash a Rs 66 crore fixed deposit, together with accrued interests, and transfer it to a trust that manages Lilavati Hospital, Bandra.A bench led by Justice Makarand Marnik on April 16 was hearing a petition by Lilavati Kirtilal Mehta Medical Trust. The FD of "Rs 65.68 crore" had matured on June 6, 2024. However, the bank insisted on an order from the joint charity commissioner before whom a dispute among the trustees is pending.The judges said "that there exists a trusteeship dispute is hardly of relevance". The trust's advocate submitted that Charu Mehta, permanent trustee for life, will file an undertaking that will include a clause that the trust would indemnify the bank against any claim on the FD. The judges directed the bank to encash the FD with interest in the trust's Union Bank of India account within 3 days from filing of the undertaking.