Synopsis: HDFC Bank’s Part-Time Chairman Atanu Chakraborty has resigned, citing differences between certain internal practices and his personal values and ethics. He clarified that there are no other material reasons behind his decision.
HDFC Bank Chairman Resigns Citing Ethical Differences
Mumbai: Atanu Chakraborty has stepped down from his position as Part-Time Chairman and Independent Director of HDFC Bank, submitting his resignation to the Governance, Nomination and Remuneration Committee.
He stated that his decision was driven by certain developments within the bank that were not aligned with his personal values and ethics.
Resignation Linked to Values and Internal Practices
In his resignation letter, Chakraborty noted that over the past two years, he observed certain practices within the bank that were not in congruence with his personal principles.
However, he clearly stated that there are no other material reasons for his resignation beyond these concerns.
Played Key Role During HDFC Merger
Chakraborty joined the board in May 2021 and was part of a significant phase in the bank’s history, including the merger with HDFC Ltd.
The merger created one of India’s largest financial conglomerates, positioning HDFC Bank among the top banking institutions in the country. He also mentioned that the full benefits of this strategic move are yet to be realised.
Acknowledges Support from Board and Management
In his letter, Chakraborty expressed gratitude to the Board of Directors and senior management for their cooperation and support during his tenure.
He also appreciated the contribution of independent and non-executive directors, along with key functions such as compliance, audit, and secretarial teams.
Positive Outlook on Organisation’s Future
He highlighted the strong energy and potential within the bank’s middle and junior workforce, stating that they can form the foundation of a reimagined organisation.
Chakraborty concluded by wishing the bank continued success in its future endeavours.
Regulatory Formalities to Follow
The outgoing chairman requested the company secretary to place the resignation on record and complete necessary regulatory filings with the Registrar of Companies and other authorities.
📌 Key Takeaway
Atanu Chakraborty resigned as HDFC Bank’s chairman citing ethical differences with internal practices, while confirming no other material reasons. His exit marks a key leadership change following the bank’s major merger phase.