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HDFC Bank Legal Review Finds No Support for Ex-Chair's Claims
26 Jun
Summary
- External legal review completed regarding former Chairman's resignation letter.
- Review found no supporting evidence in board minutes or communications.
- HDFC Bank appointed multiple domestic and one U.S. law firm for the review.
An external legal review concerning a former Chairman's resignation letter has concluded, according to HDFC Bank. The review, initiated following Atanu Chakraborty's departure, involved the appointment of two domestic law firms and one U.S.-based firm.
This comprehensive investigation aimed to assess the validity of concerns raised in Chakraborty's resignation letter.
Results from the review indicated a lack of supporting evidence within board or committee minutes, as well as related communications.
HDFC Bank stated there was "no contemporaneous support" for the former chairman's assertions based on the materials examined.
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