Overview
- HDFC Bank hired US firm Wilson Sonsini and Indian firm Wadia Ghandy to conduct a multi‑month external legal review after Atanu Chakraborty resigned in March.
- The review examined thousands of documents and interviews with independent directors and senior managers and concluded it found no evidence to substantiate Chakraborty’s public claims.
- The investigators reported that Chakraborty did not take part in an interview despite repeated requests from the bank and the law firms, a point Chakraborty disputes.
- The probe specifically reviewed allegations about mis‑selling of Credit Suisse AT‑1 bonds at the bank’s Dubai and Bahrain branches and found no contemporaneous record that Chakraborty had raised ethics objections.
- With the legal review closed, attention is shifting to HDFC Bank’s board governance and decisions on appointing a permanent part‑time chairman and the future of MD & CEO Sashidhar Jagdishan.