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HDFC Bank has concluded the independent legal review into the allegations raised by former chairman Atanu Chakraborty

ICICIdirect Research 29 Jun 2026 DISCLAIMER

News: As per exchange filings, HDFC Bank has concluded the independent legal review into the allegations raised by former chairman Atanu Chakraborty in his resignation letter, with external law firms Wilson Sonsini Goodrich & Rosati and Wadia Ghandy & Co. finding no evidence to substantiate the claims. The three-month review examined board and committee records, reviewed thousands of documents, interviewed independent directors and senior management, and found no contemporaneous documentary or witness evidence supporting the allegations, including those relating to the Dubai branch matter. The bank also stated that Chakraborty did not participate in the review despite repeated requests, and the report has now been submitted to the board following completion of the review

View: While the independent legal review removes a key governance overhang by finding no evidence supporting the allegations, media reports suggest former chairman Atanu Chakraborty continues to stand by his claims. Accordingly, while the findings provide near-term comfort, investor sentiment may remain watchful until the matter is conclusively settled and management succession/continuity is fully addressed

Impact: Neutral

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