HDFC Bank appoints law firms to probe Atanu Chakraborty’s allegations

HDFC Bank on Tuesday (March 25, 2026) said that it has appointed law firms, Trilegal and Wadia Ghandy & Co, to investigate and submit a report on the reasons cited by its former part-time Chairman, Atanu Chakraborty, in his resignation letter last week.

“Appointment of external law firms is a proactive measure taken by the Bank to independently look at the aspects mentioned in the letter to ensure an objective and fact-based assessment. This step is keeping in view to constantly benchmark with the highest governance standards that the Bank has practiced over decades,” the bank said.

This is in furtherance of the intimation made by the Bank on March 18, 2026, in relation to the resignation of Mr. Chakraborty as the Part-time Chairman and Independent Director of the Bank.

Mr. Chakraborty tendered his resignation as the Part-time Chairman and Independent Director of HDFC Bank with immediate effect, stating that “Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal Values and Ethics.”

“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,” the bank 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,” the bank further said.