Independent directors should act responsibly: Pandey on HDFC Bank chairman's actions

ET BureauLast Updated: Mar 24, 2026, 05:53:00 AM IST

Synopsis

India's market regulator Sebi will scrutinize HDFC Bank's board meeting records. This follows the sudden departure of former chairman Atanu Chakraborty. He cited ethical issues in his resignation. Sebi chairman Tuhin Kanta Pandey stated the regulator will investigate all aspects. Independent directors must act responsibly and provide evidence for their claims.

MUMBAI: The regulator would look into the board minutes of HDFC Bank after the abrupt exit of former chairman Atanu Chakraborty, who cited 'ethical' concerns in his resignation letter to the management, reports Our Bureau.

"We have to see what is there.... in the governance, in their board meetings," Sebi chairman Tuhin Kanta Pandey said Monday, responding to a question on whether the regulator was examining the matter. "We can't keep things vague," he added.

Sebi will be investigating all the aspects of the matter and look to bring out all the facts considering that independent directors hold important positions, he said.

Pandey said independent directors must act responsibly and not make any insinuations while referring to Chakraborty's resignation letter.

"Independent directors are required to be protectors of the interests of minority shareholders and should act responsibly. No one is expected to make insinuations without proper evidence and recordings," Pandey said.

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