HDFC Bank said an external legal review found no evidence in board records or communications supporting concerns raised by former Chairman Atanu Chakraborty in his resignation letter.

​HDFC Bank said on Friday ‌an external review found no ​evidence in board ⁠committee minutes or communications supporting the concerns raised in former Chairman Atanu Chakraborty's ‌resignation letter.

In March, Reuters reported that HDFC ‌Bank appointed two domestic law ‌firms ⁠and one U.S.-based law ⁠firm to review a resignation letter from Chakraborty.

Chakraborty abruptly resigned from the ​bank's board ‌in March, citing differences over "values and ethics", which led to a stock selloff and prompted the ‌lender to undertake a ​damage control effort.

HDFC Bank said the three-month legal ⁠review found no evidence that Chakraborty raised concerns about his ‌personal values and ethics, or disagreed with board decisions regarding the "Dubai matter."

Chakraborty had previously told CNBC-TV18 that HDFC Bank delayed taking action against officials ‌involved in mis-selling Additional Tier-1 (AT1) bonds to ​investors in Dubai.

The bank added that it and ⁠the external law firms repeatedly requested ⁠Chakraborty to participate in the review, but the interview ‌did not take place.

Published on June 26, 2026