Overview
- HDFC Bank told exchanges on June 26 that two external law firms concluded a three‑month review found no contemporaneous documents or witness testimony to support Atanu Chakraborty’s resignation claims.
- The probe reviewed thousands of items including board and committee minutes, agenda papers and contemporaneous communications, and involved interviews with independent directors, the MD & CEO and senior control executives.
- The firms said they repeatedly sought an interview with Chakraborty but he did not take part, and Chakraborty has rejected the exercise as a narrow compliance review while saying he asked for formal terms of reference.
- The review specifically found no record that Chakraborty raised ethics objections or dissented on the Dubai AT1 matter during the two‑year reference period covered by the inquiry.
- With the report filed to the board, attention has turned to succession: appointing a permanent part‑time chairman and obtaining RBI approval for any reappointment of MD & CEO Sashidhar Jagdishan, while observers say governance vigilance should continue given prior regulatory and internal findings.