HDFC Bank extends part-time chairman Keki Mistry’s tenure till Sept 18
ADVERTISEMENT
The board of private sector lender HDFC Bank on Thursday announced that the term of the current part-time chairman Keki Mistry has been extended for a further three months or till appointment of a regular part-time chairman, whichever is earlier.
The decision to decide on a new part-time chairman is the first top leadership decision that HDFC Bank will undertake since former part-time chairman Atanu Chakraborty’s sudden resignation on March 18, 2026.
Chakraborty, in his resignation letter to the HDFC Bank board, had cited certain “happenings and practices” at the bank over the past two years, which were allegedly not in congruence with his “personal values and ethics”.
That event brought the spotlight on the Bank and the leadership of Sashidhar Jagdishan as MD & CEO. The Bank has seen several high-profile exits during his tenure. Early in Jagdishan’s tenure, the Reserve Bank of India had also halted the Bank from issuing new credit cards from December 2020 to August 2021 due to technical outages. This ban was lifted later.
At the time of writing, there was no clarity whether the board of directors discussed the findings from the law firms relating to Chakraborty’s exit. The review into Chakraborty’s exit was carried out by legal firms Wadia Ghandy, Trilegal, and US-based Wilson Sonsini. Sources at the legal firms said they found no concerns relating to governance at the Bank.
The board of directors of the bank also approved convening of the 32nd Annual General Meeting (AGM) on August 5, 2026 at 2.00 pm through two-way video-conferencing (VC).
The dividend payment date will be on or after Thursday, August 6, 2026. The same will be subject to approval of the shareholders at the said AGM, for payment of dividend of ₹13 per equity share of ₹1/- each of the Bank for the year ended March 31, 2026.
Shares of HDFC Bank closed 1.49% higher at ₹798.55 on the BSE, prior to the announcements made today.
In April, RBI governor Sanjay Malhotra, responding to a media query after the monetary policy, had said that the central bank had examined the minutes of HDFC Bank’s board meetings, as part of the supervision, to determine any lapses in governance from the bank, as alleged by Chakraborty. Malhotra had said then that RBI had found no governance lapses at the Bank.