HDFC Bank Appoints External Law Firms To ‘Review’ Atanu Chakraborty’s Resignation Letter
· Free Press Journal
HDFC Bank has appointed external law firms to review the resignation letter of Atanu Chakraborty from the post of the bank’s part-time chairman and independent director.
India’s largest private sector lender, in an exchange filing, said that its Board of Directors has decided to take a proactive step and approved the appointment of external law firms.
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The move comes days after Chakraborty resigned, citing ethical concerns over some unspecified practices taking place at the bank.
HDFC Bank Stock Trades In Green For First Time After Chairman’s Resignation Over Ethical ConcernsThe bank said that the decision to appoint external law firms would ensure a fair review of the resignation.
“This is in furtherance to the intimation made by the Bank on March 18, 2026, in relation to the resignation of Mr. Atanu Chakraborty as the part-time chairman and independent director of the Bank,” the bank said in the exchange filing on Tuesday.
“We wish to inform you that Mr. Chakraborty did not mention any happenings and practices which were not in congruence with his personal values and ethics,” it added.
“To reinforce the robust governance standards of the Bank, the Board of Directors of the Bank, at its meeting held on March 23, 2026, took a proactive step and approved the appointment of external law firms (domestic and international) to conduct a review regarding Mr. Chakraborty’s resignation letter. The said law firms have been advised to provide their report on the same within a reasonable period of time,” it said.
Sebi Chief Tuhin Kanta Pandey Warns Independent Directors To Act 'Responsibly' Amid HDFC Bank Chairman's Abrupt ResignationChakraborty was serving as the chairman of the bank since May 2021. It was under his chairmanship that the merger of HDFC happened with HDFC Bank in 2023.
However, in his resignation letter, Chakraborty said that some happenings and practices in the last two years were not aligning with his ethics.
“Certain happenings and practices within the bank that I have observed over the last two years are not in congruence with my personal values and ethics. This is the basis of my aforementioned decision,” he said in the resignation letter.
Chakraborty’s sudden resignation had sent shock waves in banking and policy circles, sending the lender’s stock to its 52-week lows. However, in a rare move, the RBI has assured that there were no major issues at the governance level.