HDFC Bank, India’s largest private sector lender, said on Friday that an independent legal review into allegations made by former part-time chairman Atanu Chakraborty has found no supporting evidence. The bank stated that the claims mentioned in his resignation letter were not substantiated by documentary records or witness interviews.
Chakraborty had resigned on March 18 as part-time chairman and independent director, citing that certain internal “happenings and practices” at the bank were not aligned with his personal values and ethics. Following his resignation, the bank commissioned an external legal review to examine the concerns raised.
The review, conducted by Wilson Sonsini Goodrich & Rosati, P.C. and Wadia Ghandy & Co., found that contemporaneous evidence was inconsistent with Chakraborty’s statements and did not identify any basis for the allegations. The law firms reviewed board and committee minutes, examined thousands of documents, and interviewed independent directors, senior management, and key control function heads over a three-month period.
The bank noted that the findings could pave the way for consideration of an extension of Managing Director and CEO Sashidhar Jagdishan’s tenure, which is set to end in October. His current term, initially appointed in 2020, was extended by three years in 2023. The board is yet to take a final decision, pending the outcome of the review. HDFC Bank said the external legal firms also found no evidence that concerns were raised regarding the so-called “Dubai matter” or any board decisions during the review period.
