HDFC Bank said on Friday that an independent legal review into concerns raised in former chairman Atanu Chakraborty’s resignation letter has concluded and found no evidence to substantiate his claims, with law firms that conducted the probe reporting no merit in the allegations, a development first reported by ET on June 16.
The bank said it had appointed US-based Wilson Sonsini Goodrich & Rosati and Indian firm Wadia Ghandy & Co in March to examine allegations of unethical practices and corporate-governance issues flagged by Chakraborty. The firms carried out a three-month review and have submitted their findings to the bank’s board, HDFC Bank said in a stock exchange filing.
According to the filing, the review examined board and committee meeting records, interviewed independent directors and senior management — including the managing director and chief executive — and reviewed additional documents and communications. The bank said Chakraborty did not participate in the probe despite repeated requests from the bank and the external law firms.
The external counsel concluded that Chakraborty’s statements and their implications were not supported by documentary evidence or witness accounts. The firms also found that minutes of meetings he attended were produced through a comprehensive drafting, review and approval process, and that no contemporaneous records corroborated the concerns he raised.
The review also found no evidence to support concerns related to the so-called “Dubai matter,” in which the bank’s Dubai branch was alleged to have mis-sold Credit Suisse’s AT‑1 (additional tier‑1) bonds — an allegation the bank has consistently denied.
Chakraborty resigned in March, saying certain happenings and practices observed over the previous two years did not align with his personal values and ethics. After his departure, independent director Keki Mistry was appointed interim chairman; his term was extended last week by three months to oversee the review process.
Original Source: https://m.economictimes.com/news/company/corporate-trends/ind-review-finds-no-merit-in-ex-hdfc-bank-chief-atanu-chakrabortys-claims/articleshow/132020652.cms
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Publish Date: 2026-06-27 01:00:00
