Manas Chakraborty & HDFC Bank

Manas Chakraborty: Manas Chakraborty, former chairman of HDFC Bank, resigned citing ethical concerns and made allegations that were investigated by an independent legal review. The review found no evidence to support his claims, negatively impacting his credibility.

HDFC Bank: HDFC Bank commissioned an independent legal review into allegations made by its former chairman, Manas Chakraborty. The review found no evidence to substantiate the claims, which is a positive outcome for the bank's reputation and stock price.

Manas Chakraborty: Manas Chakraborty>>>'s resignation as part-time chairman of HDFC Bank>>> contributed to the decline in HDFC Bank>>>'s share price and its temporary loss of market capitalization ranking.

HDFC Bank: HDFC Bank>>> was briefly surpassed by Bharti Airtel>>> as the second most valuable Indian company, with its shares dropping 22% in the past six months due to uncertainty around its chairman succession plan and the resignation of Manas Chakraborty>>>.

Manas Chakraborty: Manas Chakraborty's abrupt resignation as chairman of HDFC Bank in March, citing 'incongruence' with his values, triggered a legal review and led to the appointment of Keki Mistry as interim chairman.

HDFC Bank: HDFC Bank received approval from the State Bank of India to extend Keki Mistry's tenure as interim part-time chairman, providing stability during its search for a permanent chairman. The bank also approved a dividend payment.

Manas Chakraborty: Manas Chakraborty abruptly resigned as the chairman of HDFC Bank in March 2026, citing ethical concerns, which led to the search for a new chairman.

HDFC Bank: HDFC Bank has appointed Rajiv Kumar as its new Part-time (Non-Executive) Chairman, aiming to bring stability and leadership as it prepares for its next growth phase. This appointment follows the abrupt resignation of its previous chairman, Manas Chakraborty.

Manas Chakraborty: Manas Chakraborty resigned as part-time Chairman and Independent Director of HDFC Bank, citing concerns about practices within the bank. His resignation is a key event that preceded the fraud allegations.

HDFC Bank: HDFC Bank is the defendant in the securities fraud class action, facing allegations of improper payments and misleading disclosures. The bank's stock price fell significantly following the revelations, and it faces potential financial penalties and reputational damage.

Manas Chakraborty: Manas Chakraborty resigned as part-time Chairman of HDFC Bank, which he described as a routine matter. The State Bank of India confirmed no material concerns regarding the bank's governance following his resignation.

HDFC Bank: HDFC Bank is expected to be a key beneficiary of the State Bank of India's FCNR-B scheme, which will aid its growth and margins by providing access to larger pools of funds. The bank has also received positive assessments from brokerages and clean chits from regulators regarding governance issues.

Manas Chakraborty: Former chairman Manas Chakraborty resigned in March 2026 over governance concerns; his resignation preceded the board's action.

HDFC Bank: HDFC Bank is the central entity; its board penalized senior executives for business overreach in MSRDC deposit arrangements, and the bank faces investigations from US law firms.

Manas Chakraborty: Manas Chakraborty resigned as the part-time chairman of HDFC Bank, citing ethical concerns over certain practices within the bank. His resignation was effective immediately.