External review clears HDFC Bank of ex-chair’s governance claims
Key takeaways
- External review clears HDFC Bank of ex-chair’s governance claims.
- The exercise looked at whether the issues referred to in Chakraborty's statement were reflected in the record, whether he had formally noted any disagreement, and whether any such disagreement had been dealt with.
- The work was carried out by Wilson Sonsini Goodrich & Rosati and Wadia Ghandy & Co.
External review clears HDFC Bank of ex-chair’s governance claims. The bank appointed law firms in the March of this year. Credit: Piotr Swat/ Shutterstock.com. · Retail Banker International · Piotr Swat/ Shutterstock.com. Vidhya Edwards Munnangi Mon, June 29, 2026 at 6:27 PM GMT+7 3 min read HDFCBANK.NS An independent external legal review commissioned by HDFC Bank found no evidence to substantiate the governance or ethical concerns raised by its former chairman Atanu Chakraborty.
The bank appointed law firms in the March of this year after Chakraborty stepped down, pointing to "certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal Values and Ethics" as the rationale for his exit.
The exercise looked at whether the issues referred to in Chakraborty's statement were reflected in the record, whether he had formally noted any disagreement, and whether any such disagreement had been dealt with.