Legal review found no basis for former chairman's claims, HDFC Bank says
This story was originally published at 09:32 IST on 27 June 2026
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MUMBAI – HDFC Bank Ltd. Friday said a legal review conducted by external law firms had found no evidence to support the claims made by former part-time chairman Atanu Chakraborty in his resignation letter earlier in the year.
"The review evaluated if any concern was evident as raised in the statement made by Mr. Atanu Chakraborty in his resignation letter, and if Mr. Chakraborty recorded any dissent, and whether it was addressed," the lender said. Chakraborty resigned as part-time chairman on Mar. 18, stating that "certain happenings and practices within the bank are not in congruence with my personal values and ethics".
The three-month review involved a review of thousands of documents and interviews of independent directors and members of senior management, the law firms said in a statement. HDFC Bank and the law firms also requested Chakraborty to speak with them as part of the legal review but the interview did not happen.
The contemporaneous evidence reviewed was "inconsistent" with Chakraborty's statement, and the review did not identify any basis for the statement, the law firms said. The firms also found no evidence that Chakraborty had disagreed with any decisions made by the board or relevant board committees, in connection with the alleged mis-selling of Additional Tier-1 bonds at the Dubai branch of HDFC Bank. Chakraborty had expressed concern on the issue in a post-resignation interview with CNBC-TV18.
For the March quarter, HDFC Bank had reported a net profit of INR 192.21 billion on total income of INR 898.09 billion. Thursday, the bank's shares ended at INR 796.30 on the National Stock Exchange, up slightly from Wednesday. The stock market was shut Friday for Muharram. End
Reported by Nandini Sinha
Edited by Rajeev Pai
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