HDFC Bank Orders Probe into Chairman Exit Amid Governance Concerns HDFC Bank has initiated an investigation into the sudden resignation of its former part-time chairman and independent director, Atanu Chakraborty, following concerns over corporate governance and board accountability. The bank has appointed external legal firms to review the circumstances of his exit, which was attributed to differences over “values and ethics,” though specific details remain undisclosed. The move comes amid pressure on the bank’s shares and heightened scrutiny from regulators. Two domestic law firms, Trilegal and Wadia Ghandy & Co, along with an international firm, have been tasked with conducting an independent review. The bank stated that the board approved the engagement of these firms during a meeting on March 23, 2026, to ensure a thorough examination of the situation. The firms are expected to submit their findings within a reasonable timeframe. The bank emphasized that Chakraborty’s resignation letter did not reference any practices inconsistent with his personal values or ethics. The lack of transparency in Chakraborty’s resignation has raised questions about corporate governance standards and the accountability of independent directors. The Securities and Exchange Board of India (SEBI) has called for evidence to support any insinuations made about the bank’s practices, warning that unsubstantiated claims could harm minority shareholders. SEBI chief Tuhin Kanta Pandey stressed that independent directors must ensure their statements are well-documented and backed by proper evidence. Chakraborty, however, told Reuters that his resignation letter contained no allegations or insinuations.#hdfc_bank #sebi #atanu_chakraborty #trilegal #wadia_ghandy_co
