Overview
- HDFC Bank, which the board said on Monday, March 23, approved hiring domestic and international counsel, asked for a report on Atanu Chakraborty’s resignation letter within a reasonable time.
- News reports say the bank engaged Wadia Ghandy, Trilegal, and a leading US firm, with the review expected to examine board meeting videos, minutes, agendas, and whistle-blower cases over the past two years.
- The bank told exchanges the letter did not specify any practices at odds with Chakraborty’s values, and the Reserve Bank of India said there are no material governance concerns on record.
- An internal process tied to the Dubai branch’s regulatory notice led the GNRC to endorse the removal of three employees on March 9, and media link the probe to alleged mis-selling of Credit Suisse AT1 bonds to NRI clients.
- Shares slid to near 52-week lows after the March 18 exit but rebounded 2–3% on Tuesday after the review announcement, a swing that matters to millions of retail holders and foreign funds in India’s largest private lender.