Private sector HDFC Bank has said that a legal review conducted by two independent external law firms has found no concrete evidence to support the concerns raised by the bank’s former chairman Atanu Chakraborty.
Business News: India’s leading private sector bank HDFC Bank has made public the findings of an independent legal review conducted into the ethical concerns raised by its former chairman Atanu Chakraborty. According to the bank, the detailed investigation, which lasted nearly three months, found no concrete evidence to corroborate the allegations made by Chakraborty or the concerns raised.
The matter came into focus in March 2026 when Atanu Chakraborty resigned from his post citing “ethical reasons”. After his resignation, many questions were raised regarding the corporate governance and internal processes of the bank.
Resigned in March 2026
Atanu Chakraborty had resigned from the post of part-time chairman of HDFC Bank on 17 March 2026. In his resignation letter, he had said that during the last two years, certain incidents and working styles were seen within the bank, which were not in accordance with his personal values and ethical principles. His resignation was also considered important because for the first time in the history of HDFC Bank, a part-time chairman had left the post before the completion of his tenure.
Two law firms appointed for independent legal review
Following the resignation, the bank appointed two independent international and Indian law firms to ensure an impartial investigation into the matter. Responsibility for this review lies with Wilson Sonsini Goodrich & Rosati PC and Wadia Ghandy & Co. Was handed over to. The purpose of the investigation, announced on March 24, 2026, was to find out whether any documentary or other evidence existed of the concerns expressed by Chakraborty and whether he had formally lodged any dissent during his tenure.
Extensive investigation lasted for three months
According to the bank, the review process lasted about three months. During this, the investigation team conducted a detailed review of records, agenda documents, thousands of internal files and other related documents of the meetings of the Board of Directors and various committees. Apart from this, detailed talks were also held with independent directors, committee chairmen, managing director and chief executive officer (CEO) of the bank and other senior officials.
The bank also said that the investigation team contacted Atanu Chakraborty several times and requested him to participate in the review process, but he could not be interviewed.
No evidence found to support the allegations
After completing the legal review, the law firms concluded that Chakraborty’s public statements were not corroborated based on available documents and witness statements. According to the report, the proceedings of board meetings were recorded with complete transparency and the process of review and approval of minutes of each meeting was followed. During this period, any director had full opportunity to register his disagreement or objection.
The review found no record to prove that Chakraborty had formally raised the issues during his tenure, which he later mentioned publicly.
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