By Admin 
HDFC Bank: A big news is coming out regarding the resignation of HDFC Bank Chairman Atanu Chakraborty. According to a report in the Financial Times, Atanu Chakraborty resigned due to a power tussle with the bank’s Chief Executive Shashidhar Jagadeesan. This news has raised new questions regarding the stability of leadership in the country’s largest private bank. The FT, quoting people associated with the matter, said that this tension, which had been simmering for months, mainly focused on strategic differences, governance issues and the imminent re-appointment of the CEO.
Let us tell you that last week on March 18, Atanu Chakraborty suddenly resigned. In his resignation letter, he mentioned some of the practices of the bank, which are against his ethics and principles. According to media reports now emerging, his resignation is a result of differences with CEO Shashidhar Jagadeesan. According to the report, Atanu was not in favor of extending the tenure of CEO Jagadishan, while most of the board members supported it.
Resignation of former chairman created a stir
Recently, after the resignation of Atanu Chakraborty, the interim chairman of the bank Keki Mistry and the CEO Jagdishan himself had completely denied the news of any kind of power struggle or serious dispute in the boardroom. The bank had also appointed two external law firms to investigate the matter so that Atanu’s questions regarding ethics could be investigated. The Reserve Bank of India (RBI) also took cognizance of the matter. Here, the sudden resignation of Atanu Chakraborty had such an impact on the market that a huge fall was seen in the shares of HDFC Bank. Shares reached near their 52-week low. The market value of the bank also declined by more than Rs 1 lakh crore.
Now the truth will come out
According to a report in Economic Times, HDFC Bank has started a legal review of the circumstances surrounding Atanu Chakraborty’s departure. The bank has appointed law firms Wadia Gandhi and Trilegal as well as an international firm to investigate the issue, people familiar with the matter told ET.
The review will closely examine the board’s proceedings over the past two years – including recordings, minutes and agendas – to determine whether any concerns related to governance or ethical conduct were raised during Chakraborty’s tenure. The report said it will also include whistleblower complaints made to the board and assess how those complaints were handled.
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