HDFC Bank said an independent legal review conducted by two external law firms found no evidence to substantiate concerns raised by former chairman Atanu Chakraborty in his resignation letter or subsequent public statements.
The bank said the review, announced on March 24, examined whether any concerns flagged by Mr. Chakraborty were evident from the records, whether he had recorded any dissent during his tenure, and whether such dissent, if any, had been addressed.
Mr. Chakraborty resigned as chairman of the country’s second biggest lender, HDFC Bank, citing ethical concerns. This was the first time that a part-time chairman of HDFC Bank left mid-way, raising concerns over its functioning. “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 his resignation letter dated March 17.
The review was carried out by Wilson Sonsini Goodrich & Rosati, P C and Wadia Ghandy & Co. over a three-month period, HDFC Bank said in a filing.
The external law firms repeatedly requested Mr. Chakraborty to participate in the review, but the interview did not take place.
