HDFC Bank taps external law firms to probe Atanu’s exit

Mumbai: HDFC Bank has appointed external law firms, both domestic and international, to independently review the issues raised in the resignation letter of former part-time Chairman Atanu Chakraborty. The decision, approved by the Board on March 23, is aimed at ensuring an objective and fact-based assessment, while reinforcing the bank’s longstanding commitment to high governance standards.

Chakraborty resigned abruptly on March 18, citing ethical concerns. In his letter, he noted that certain developments and practices within the bank over the past two years were not aligned with his personal values. However, he did not specify any particular incidents and later clarified that his exit was not linked to wrongdoing but rather a divergence in approach. The bank said the external review is a proactive step to enhance transparency and governance oversight, with law firms expected to submit their findings within a reasonable timeframe.

Following his exit, the RBI approved Keki Mistry as interim part-time Chairman for three months starting March 19. Separately, the bank has reportedly terminated three employees, including senior executives.