Daijiworld Media Network - New Delhi
New Delhi, Jul 12: HDFC Bank has reiterated its commitment to robust corporate governance, stating that an independent legal review did not find evidence to support the concerns raised by former part-time chairman Atanu Chakraborty in his resignation letter.
The assurance was made in the bank's FY26 annual report released on Saturday, where interim part-time Chairman Keki M. Mistry said the country's largest private sector lender continues to uphold the highest standards of transparency, accountability and governance.
Chakraborty stepped down as part-time chairman and independent director on March 18, prompting speculation over the bank's governance practices. Mistry subsequently took over as interim part-time chairman.
Managing Director and Chief Executive Officer Sashidhar Jagdishan said the board appointed both domestic and international law firms to conduct an independent review of the issues mentioned in Chakraborty's resignation letter, particularly because HDFC Bank's American Depositary Receipts (ADRs) are listed on the New York Stock Exchange.
To ensure an impartial process, the board constituted a special committee consisting exclusively of independent directors to supervise the review and oversee the exchange of information between the bank and the legal teams.
The investigation examined board meeting records, agenda papers, internal communications and other relevant documents, while also including interviews with all independent directors and several senior executives. The review covered the two-year period leading up to Chakraborty's resignation.
According to Jagdishan, the findings submitted by the external law firms on June 26 concluded that the claims made in the resignation letter, along with the implications drawn from them, were not supported by the available records or witness testimonies.
Mistry reaffirmed that HDFC Bank remains committed to maintaining strong governance practices and institutional oversight.
Following completion of the review, the bank's board appointed Rajiv Kumar as part-time chairman and independent director. His appointment is subject to approval from the Reserve Bank of India and the bank's shareholders.