Did ex-HDFC Bank chairman not cooperate with external legal review?
What's the story
Atanu Chakraborty, the former chairman of HDFC Bank, has denied the bank's claim that he did not cooperate with an external legal review after his resignation. In an interview, Chakraborty said he had repeatedly asked for the terms of reference and legal framework for the inquiry but was never provided either. He termed his resignation as a "call of conscience" and not an allegation needing a legal investigation.
Inquiry skepticism
'Claim of non-cooperation was unfair'
Chakraborty also questioned the need for external law firms to look into his resignation letter. He called the exercise "superfluous" and "an exercise in futility." The former chairman said he had nothing to do with HDFC Bank anymore, and that their claim of non-cooperation or not providing information was unfair and not gentlemanly.
Board introspection
'If board had shared terms of reference, I would have...'
Chakraborty clarified that if the board had shared the terms of reference, he would have asked what more they wanted. He emphasized there were no material concerns beyond what he had already written. The former chairman said a lawyer can only do a compliance check and it was for the board to introspect if any concern remained.
Review response
Chakraborty says law firms' report only determined compliance
Responding to the law firms' report, Chakraborty said it only determined compliance. He stressed that if board meetings were robust and they only examined board proceedings, it showed how he had structured the board with cooperation from all members. The former chairman reiterated that if any concern remained, it was for the board to introspect and he would never have objected to a discussion.