Wilson Sonsini, Wadia Ghandy review Atanu Chakraborty's resignation from HDFC Bank; find no evidence of claims

US-headquartered law firm Wilson Sonsini Goodrich & Rosati and Indian firm Wadia Ghandy & Co jointly reviewed the resignation of former HDFC Bank part-time Chairman Atanu Chakraborty over differences in "values and ethics", finding that his statement was inconsistent with evidence.

The two firms were retained as external firms by HDFC Bank in March 2026 following Chakraborty's resignation. Wadia Ghandy team was led by Co-Managing Partner Ashish Ahuja.

They reviewed thousands of documents including Board and Committee meeting minutes, agenda materials and contemporaneous communications spanning 2 years preceding his departure. They also conducted individual interviews with each of the Bank's Independent Directors, the Managing Director and CEO and senior management personnel heading key control and assurance functions.

Notably, despite repeated requests from both the bank and the external law firms, Chakraborty declined to participate in the interview process.

The firms' report, submitted to the HDFC Bank Board, found that minutes of meetings from sessions Chakraborty attended were prepared through a comprehensive drafting, review and approval process. This gave him full opportunity to record any dissent or concerns.

No contemporaneous support for his claims was found in Board or Committee records. Witness interviews also did not substantiate his statement.

"The contemporaneous evidence reviewed was inconsistent with Chakraborty’s statement, and external law firms’ review did not identify any basis for the statement," the Bank's statement to the exchanges said.

The HDFC Board had initiated the review on March 23, 2026 as a "proactive step" to reinforce the bank's governance standards after Chakraborty resigned as part-time Chairman and Independent Director on March 18, 2026.

Wilson Sonsini is headquartered in Palo Alto, California, with a global practice spanning corporate governance, M&A, securities and technology law, with over 1,000 attorneys across 18 offices worldwide.

Wadia Ghandy is one of India's oldest law firms, founded in Mumbai in 1883, with a strong practice in banking, finance, corporate law and dispute resolution.