HDFC Bank Appoints Law Firms to Review Chair’s Abrupt Exit

HDFC Bank Ltd. has appointed external law firms to review the circumstances surrounding the abrupt exit of its part-time chairman, a move aimed at shoring up investor confidence at India’s largest private sector lender.

Domestic and international legal advisers will look into Atanu Chakraborty’s resignation letter and submit a report “within a reasonable period,” the bank told exchanges on Tuesday, without naming the firms. It said its board approved the move on Monday, describing it as a “proactive” step to reinforce the firm’s governance standards.