HDFC Bank delays Sashidhar Jagdishan's reappointment pending legal report
HDFC Bank is holding off on deciding whether Sashidhar Jagdishan will stay as CEO, waiting for a delayed legal report.
The review was triggered by concerns from former chairman Atanu Chakraborty, who raised concerns in his resignation letter back in March.
With Jagdishan's term ending this October, the uncertainty has everyone watching what happens next.
Law firms expect report by June
Law firms (including Trilegal and Wadia Ghandy & Co) plus a U.S.-based law firm are combing through board meeting records to address Chakraborty's concerns.
Their report should be ready by mid-June or late June, after which the bank's committee led by Harsh Kumar Bhanwala will meet.
Even though the usual timeline for CEO reappointments was missed, experts say the RBI can fast-track approvals if needed—and the RBI has shown trust in HDFC Bank's governance so far.