HDFC Bank review finds no basis for Atanu Chakraborty claims
HDFC Bank had a bit of drama earlier this year when its chairman, Atanu Chakraborty, resigned suddenly, saying some bank practices didn't sit right with his personal values.
He later suggested these concerns were about the alleged "mis-selling" of Credit Suisse bonds.
CEO Sashidhar Jagdishan called it a "challenging event," but the bank quickly brought in outside experts to investigate.
Atanu Chakraborty declined to join review
After digging through two years of records and talking to top executives, the independent review found "no basis" for Chakraborty's claims.
Interestingly, Chakraborty chose not to join the review process, saying the bank refused to disclose the terms of reference or the legal basis for the review.
Soon after, Rajiv Kumar, a former chief election commissioner, was named as the new part-time chairman. The CEO expressed full confidence in Kumar's leadership and governance skills.