HDFC Bank's leadership crisis deepens as external legal review launches. India's largest private lender has appointed Wadia Ghandy & Co and Trilegal to investigate former chairman Atanu Chakraborty's sudden resignation last week. The law firms will examine board meeting minutes to identify any ethical concerns Chakraborty may have raised but never publicly detailed. Despite repeated questioning, Chakraborty refused to specify what practices conflicted with his values, leaving the board claiming complete surprise at his exit. The bank's management insists no irregularities were discussed in meetings. This independent review represents a proactive damage control measure as the bank faces investor scrutiny and record bearish bets. The appointment signals the board's commitment to identifying potential governance gaps and strengthening internal controls moving forward.
