The review also found no evidence of ethical or value-based objections being raised during his tenure, concluding that the resignation-related concerns were unsubstantiated.
HDFC Bank said in a stock exchange filing on Friday that its legal review into the resignation letter of former part-time chairman Atanu Chakraborty has concluded, with the law firm finding no irregularities.
The review, conducted by international law firm Wilson Sonsini Goodrich & Rosati and domestic firm Wadia Ghandy & Co., was launched on March 24, 2026, to examine whether Chakraborty’s statement raised substantiated concerns or dissent within the Bank’s governance framework.
Over a three-month period, the external law firms scrutinised thousands of documents, including minutes and agenda papers of Board and Committee meetings from the two years preceding Chakraborty’s resignation. They also interviewed Independent Directors, Committee Chairpersons, the Managing Director & CEO, and senior management overseeing control and assurance functions. Despite repeated requests, Chakraborty did not participate in the review process, according to the law firm’s report.
Review finds no supporting evidence for claims
The findings concluded that Chakraborty’s statement was not corroborated by contemporaneous records or witness interviews. The minutes of meetings he attended were prepared through a comprehensive drafting and approval process, offering him ample opportunity to record dissent or concerns. No evidence was found in Board materials, communications, or interviews to support his claims.
Furthermore, while Chakraborty later referred to the “Dubai matter” in public statements, the review found no contemporaneous record of him raising ethical or value-based objections during his tenure.
Law firms say resignation concerns were unsubstantiated
The external law firms determined that the resignation-related concerns were unsubstantiated, and the contemporaneous evidence was inconsistent with Chakraborty’s assertions.
Published on June 26, 2026
