Indian regulator reviewing HDFC Bank chairman's exit letter, sources say
The Hindu
India's regulator is reviewing the resignation letter of HDFC Bank's former chairman for potential rule violations and governance concerns.
India’s markets regulator has begun a preliminary review of the resignation letter of former HDFC Bank chairman Atanu Chakraborty for possible violations of rules governing directors of listed companies, two sources familiar with the matter said.
Mr. Chakraborty told Reuters he was not aware of any examination by the regulator.
In his resignation letter, Mr. Chakraborty cited “certain happenings and practices within the bank” that he said were “not in congruence” with his personal values and ethics.
He did not elaborate. The letter triggered an 8.7% slide in the stock the following day and wiped $16.3 billion in market value over three sessions.
SEBI making checks
A department of the Securities and Exchange Board of India (SEBI) that oversees corporate disclosures and governance is examining the former chairman and other directors for alleged failures to do their fiduciary duties, the sources said.
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