New Delhi:HDFC Bank has appointed external law firms to review the resignation letter of its former part-time chairman Atanu Chakraborty, who stepped down last week citing differences over "values and ethics", according to a Reuters report. The country’s largest private-sector lender had earlier said that Chakraborty’s sudden exit, which hit its shares and raised governance concerns, may have been due to a disagreement between him and the management. The bank also maintained that there were no major issues.

Notably, Chakraborty resigned as part-time chairman and independent director of HDFC Bank, citing concerns over “certain happenings and practices” at the bank that he said were not aligned with his personal values and ethics.

Also Read:HDFC Bank Chairman Atanu Chakraborty Quits, Says Practices ‘Not in Congruence With My Ethics’

In his resignation letter dated March 15, Chakraborty wrote that developments he had observed over the past two years were “not in congruence with my personal values and ethics,” which led him to step down with immediate effect. He also clarified that there were no other reasons behind his decision.

On Tuesday, HDFC Bank said it has hired both domestic and international law firms to examine the letter "to reinforce the robust governance standards of the bank". It added that Chakraborty "did not mention any happenings and practices which were not in congruence with his personal values and ethics".

Meanwhile, the Reserve Bank of India said last week that HDFC Bank remains systemically important, financially strong, and professionally managed, with "no material concerns on record" about its governance.

The RBI has also approved Keki Mistry as interim non-executive chairman for three months.

Chakraborty, who was appointed part-time chairman in April 2021 and reappointed in May 2024 until May 2027, had overseen the $40 billion merger between HDFC Bank and HDFC Ltd, creating a major financial services company.

HDFC Bank shares have fallen nearly 12% since his resignation.

Anurag Kumar is an Assistant Editor at Times Now, where he leads the News Desk and Business Desk, driving coverage across politics, economy and market...View More

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