By Admin 
HDFC Bank: HDFC Bank, the country’s largest private bank, has been in the news for the last few days regarding the resignation of part-time chairman Atanu Chakraborty. Now a new update is coming out in this matter.
In fact, amidst the controversy arising after the resignation of Atanu Chakraborty and the questions being raised regarding corporate governance (working methods), the bank has appointed two external law firms for the review, legal investigation and audit of the letter related to the resignation of Atanu Chakraborty. Their job is to see whether there has actually been any violation of ethics or rules in the bank as stated by the former chairman.
SEBI adopted a tough stance
Meanwhile, on March 23, market regulator SEBI Chairman Tuhin Kant Pandey gave a strong message to the independent directors regarding the resignation of Atanu Chakraborty. He said that independent directors should play their role with full responsibility and avoid making vague allegations without adequate evidence.
SEBI said that if an independent director feels that the company is not functioning properly, there is lack of ethics in the working methods or there is any concern about fraud, then it should be mentioned formally during the board meeting as ambiguity creates unnecessary panic and uncertainty in the market. SEBI said that it is not right to make serious allegations without any concrete evidence or records.
Big fall in shares
Let us tell you that on March 18, former chairman of the bank Atanu Chakraborty resigned from his post citing ‘ethics’. This created a situation of panic in the market. After the news of resignation came, there was a huge fall in the shares of the bank, which fell by 9 percent in a single day to the level of Rs 792. Due to this, investors suffered a loss of approximately Rs 1 lakh crore.
However, even though there was a recovery in the shares later, on Monday the shares closed at Rs 743.75 with a fall of about 5 percent. During the trading session, the shares reached a 52-week low of Rs 740.95, while the 52-week high level of the shares is Rs 1020.35.
Also read:
‘Atanu did not agree…’ Former HDFC chairman remained adamant on his decision to resign, board’s persuasion had no effect