In a detailed examination conducted by the US-based legal firm Wilson Sonsini Goodrich & Rosati and the prestigious Indian firm Wadia Ghandy & Co, the resignation of Atanu Chakraborty from his position as part-time Chairman of HDFC Bank has been thoroughly scrutinized. The review, which addressed Chakraborty’s claims of differences in ‘values and ethics,’ found no substantiating evidence to support his allegations.
Comprehensive Legal Assessment
The joint inquiry was initiated following Chakraborty’s departure in March 2026, when HDFC Bank contracted these external firms to ascertain the validity of his claims. Wadia Ghandy’s team, under the leadership of Co-Managing Partner Ashish Ahuja, embarked on an exhaustive review process. This involved analyzing extensive documentation such as Board and Committee meeting minutes, agenda materials, and other communications from the two years leading to the resignation.
In addition to document examination, the firms conducted interviews with key personnel, including the Bank’s Independent Directors, the Managing Director and CEO, and senior management responsible for control and assurance functions. Despite numerous invitations, Chakraborty opted not to engage in the interview process, which might have provided further insight into his claims.
Findings and Conclusions
The comprehensive report presented to the HDFC Bank Board revealed that the minutes from meetings attended by Chakraborty had undergone a rigorous process of drafting, review, and approval, providing him ample opportunity to express any dissent or reservations. However, no evidence was found in these records that aligned with his allegations, and witness interviews corroborated the absence of support for his statement.
A statement from HDFC Bank emphasized, “The contemporaneous evidence reviewed was inconsistent with Chakraborty’s statement, and external law firms’ review did not identify any basis for the statement.” This reinforces the Bank’s commitment to upholding its governance standards and transparency.
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Background on Involved Law Firms
Wilson Sonsini Goodrich & Rosati, headquartered in Palo Alto, California, is renowned for its expertise in corporate governance, mergers and acquisitions, securities, and technology law, with more than 1,000 attorneys spread across 18 offices worldwide. Wadia Ghandy & Co, with its roots in Mumbai since 1883, is one of India’s oldest legal establishments, known for its robust banking, finance, corporate law, and dispute resolution practices.
The HDFC Board’s decision to initiate this review on March 23, 2026, was characterized as a proactive measure to bolster the bank’s governance standards following Chakraborty’s resignation on March 18, 2026. The findings have helped affirm the bank’s commitment to ethical standards and transparency.
