HDFC Bank Ltd said on Friday an independent legal review conducted by two external law firms found no evidence to support concerns raised by former independent director Atanu Chakraborty in his resignation letter, concluding that his allegations were not substantiated by contemporaneous records or witness accounts.
The review, carried out by US-based Wilson Sonsini Goodrich & Rosati and Indian law firm Wadia Ghandy & Co., was initiated in March this year to examine whether Chakraborty had recorded any dissent during his tenure and whether any concerns flagged by him had been adequately addressed by the bank.
The three-month review covered the two years preceding Chakraborty's resignation and involved scrutiny of thousands of documents, board and committee meeting minutes, agenda papers, and interviews with independent directors, the Managing Director & CEO, and senior management overseeing key control and assurance functions, according to an exchange filing.
HDFC Bank said the external law firms repeatedly invited Chakraborty to participate in the review, but the interaction did not take place.
The legal review concluded that there was no contemporaneous evidence indicating Chakraborty had raised concerns regarding governance, ethics, or board decisions during his tenure. It also found no evidence that he had expressed dissent over the Dubai matter or any other issue before the Board or its committees.
The law firms stated that the board minutes underwent a comprehensive drafting, review, and approval process, providing Chakraborty with adequate opportunity to record any objections. Based on the documents examined and witness interviews, the review found no basis to substantiate the claims made in his resignation statement, the bank said in its stock exchange filing.
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