Indian regulator reviews HDFC Bank Chairman’s resignation letter
India’s market regulator has initiated a preliminary review of former HDFC Bank chairman Atanu Chakraborty’s resignation letter to assess potential violations of rules governing directors of listed companies, according to sources familiar with the matter.
In his letter, Chakraborty cited "certain happenings and practices within the bank" that conflicted with his personal values and ethics, though he did not provide further details. The announcement triggered an 8.7% drop in HDFC Bank’s shares, erasing roughly $16.3 billion in market value over three trading sessions.
A department of the Securities and Exchange Board of India (SEBI) is examining Chakraborty and other directors to determine whether fiduciary duties were neglected or material information went undocumented. Meanwhile, the Reserve Bank of India stated last week that it had found no material concerns regarding the bank’s conduct or governance.
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