In his first response following his surprise resignation as HDFC chairman, Atanu Chakraborty described the development as a routine matter and declined to elaborate on the circumstances surrounding his exit. HDFC Bank Chairman Atanu Chakraborty Resigns, Cites ‘Certain Practices Incongruent With My Values…’
"That's (resignation) on the exchange website. Nothing worth discussion. It's quite routine," Chakraborty said, speaking to ANI news agency, indicating that the details of his resignation have already been disclosed through official channels.
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Chakraborty, a former secretary, Department of Economic Affairs, Finance Ministry, stepped down as the Non-Executive Chairman of HDFC Bank, one of India's largest private sector lenders.
The bank said Chakraborty submitted his resignation letter to the board on March 17. “We confirm that there are no reasons other than those mentioned in the said letter, for the resignation of Chakraborty,” the bank said.
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On Thursday, HDFC said Chakraborty's abrupt exit could be due to a rift between him and the management team, adding there were no material issues at the bank, Reuters reported.
What Atanu Chakraborty said in his resignation Chakraborty, in his letter to the chairman of the bank’s governance, nomination and remuneration committee, said he decided to quit after observing developments that conflicted with his personal values.
“Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal values and ethics,” he wrote. “This is the basis of my aforementioned decision.”
He also confirmed that there were no additional reasons behind his resignation beyond those stated in the letter.
HDFC shares stumble HDFC Bank shares fell as much as 8.7% on Thursday following Chakraborty's resignation which raised governance concerns among some investors. The Reserve Bank of India said that HDFC Bank was a domestic systemically important bank with sound financials, a professionally run board and competent management team.
Based on its periodic assessments, there were "no material concerns on record as regards its conduct or governance," RBI said.