HDFC Bank is awaiting the outcome of an additional review being conducted by its independent directors before it makes a recommendation to reappoint its CEO Sashidhar Jagdishan to India's central bank, three sources told Reuters. HDFC has faced investor scrutiny since mid-March when its former chairman Atanu Chakraborty resigned abruptly saying practices at the bank were not in line with his "personal ethics". An external legal review completed last month found no evidence to substantiate the governance concerns he raised.
A bank spokesperson had no immediate response when contacted by Reuters for comment from HDFC and Jagdishan on the additional inquiry, which has not been previously reported. During a post-earnings call on Saturday, HDFC management said the CEO succession process remained a "work in progress".
