The details were disclosed in the bank’s FY26 Annual Report released on Saturday, with both Managing Director and CEO Sashidhar Jagdishan and interim Part-time Chairman Keki Mistry addressing shareholders on the issue.
Jagdishan said the bank acted swiftly following Chakraborty’s resignation towards the end of FY26 by appointing Keki Mistry as interim Part-time Chairman and Non-Independent Director with the Reserve Bank of India’s approval, effective March 19, 2026.
He noted that the statement in Chakraborty’s resignation letter had “led to questions about governance standards at the Bank”. However, he added that during discussions with the Board, Chakraborty “did not mention any happenings or practices that were not in congruence with his personal values and ethics.”
To ensure an independent assessment, the Board appointed both domestic and international law firms to conduct a review and constituted a Special Committee comprising solely of Independent Directors to oversee the process and ensure an appropriate and timely flow of information between the bank and the legal advisers.
The review covered the two-year period preceding Chakraborty’s resignation and involved an examination of voluminous board minutes, materials, communications and witness interviews.
Sharing the outcome of the exercise, Jagdishan said the findings of the external law firms were placed before the Board on June 26, 2026.
“Atanu Chakraborty’s statement in his resignation letter and its implications were not substantiated by the record reviewed and witness interviews,” the annual report said.
Echoing the message, interim Part-time Chairman Keki Mistry said Chakraborty’s resignation had triggered speculation over the bank’s governance standards, prompting the Board to proactively commission an independent review.
“We remain fully committed to maintaining the highest standards of transparency, accountability and oversight,” Mistry said, adding that “any matter that warrants review or attention will continue to receive careful consideration.”
He also sought to reassure shareholders that “the Bank remains strongly rooted in strong corporate governance principles and values,” underscoring the Board’s commitment to preserving stakeholder confidence.
