Largest private lender HDFC Bank said that the resignation of former Part time Chairman Atanu Chakraborty had led to questions over the bank’s governance standards, but an independent review by external law firms found that the implications of his resignation letter were “not substantiated” by records examined and witness interviews.
Referring to the events following Chakraborty’s resignation in March this year, interim part time Chairman Keki Mistry in HDFC Bank’s Annual Report FY2026-27 said the bank acted swiftly by appointing an interim Part-time Chairman with the Reserve Bank of India’s approval.
Mistry said the Board appointed both domestic and international law firms to review whether there was any basis to the concerns referred to in Chakraborty’s resignation letter. A Special Committee comprising only Independent Directors was constituted to oversee the legal review and ensure appropriate and timely flow of information between the bank and the law firms. The findings of the review were received on June 26, 2026, and disclosed to the stock exchanges.
Managing Director & CEO Sashidhar Jagdishan referred to Chakraborty’s resignation as a “challenging event” that raised questions about the bank’s governance standards.
Jagdishan said the Board addressed analysts and the media the day after the resignation and clarified that, during discussions with directors, Chakraborty had not referred to any happenings or practices that were inconsistent with his personal values and ethics.
Since HDFC Bank’s American Depositary Receipts (ADRs) are listed on the New York Stock Exchange, both Indian and international legal firms were appointed. The Board also formed a Special Committee of Independent Directors to oversee the review.
According to Jagdishan, the exercise involved examining voluminous Board minutes, meeting materials, communications and interviews with all Independent Directors, several members of senior management, including himself, and heads of control and assurance functions, covering the two years preceding Chakraborty’s resignation.
“The findings of the external law firms, in essence, were that Mr. Chakraborty’s statement in his resignation letter and its implications were not substantiated by the record reviewed and witness interviews,” Jagdishan said.
After Atanu Chakraborty resigned as Part-time Chairman and Independent Director of HDFC Bank with effect from the close of business on March 18, 2026, Keki Mistry was appointed Interim Part-time Chairman after receiving RBI approval.
Subsequently, on June 29, 2026, the Board appointed former NITI Aayog Vice Chairman Rajiv Kumar as Part-time Chairman and Independent Director, subject to regulatory and shareholder approvals.
