HDFC Bank's FY26 annual report discloses former Chairman Atanu Chakraborty's remuneration, revisits the events surrounding his resignation and details the Board's response, including an independent legal review and assurances on the lender's governance standards
HDFC Bank's FY26 Annual Report has disclosed the remuneration paid to former Part-time Chairman and Independent Director Atanu Chakraborty during the financial year, while also detailing the Board's response to his resignation and carrying messages from Managing Director & CEO Sashidhar Jagdishan and Interim Chairman Keki Mistry on the episode.
According to the annual report, Chakraborty received ₹59 lakh in sitting fees and ₹48.25 lakh in fixed remuneration during FY26, taking his total remuneration to ₹1.07 crore, excluding the provision of a car for official and personal use until March 18, 2026.
The bank said the RBI had approved a fixed remuneration of ₹50 lakh for the full financial year. However, since Chakraborty resigned on March 18, 2026, he was paid ₹48.25 lakh on a proportionate basis.
In addition to the fixed remuneration, Chakraborty received ₹59 lakh in sitting fees for attending Board and Committee meetings and was provided a car for official and personal use until his resignation.
The annual report also notes that the Board placed on record its "sincere appreciation" for the "wise counsel" provided by Chakraborty during his association with the bank.
In his message to shareholders, CEO Sashidhar Jagdishan described Chakraborty's resignation as a "challenging event" for the bank. He said the Board moved swiftly to appoint Keki Mistry as Interim Part-time Chairman after obtaining RBI approval and commissioned an independent legal review after the statement in Chakraborty's resignation letter raised questions about the bank's governance standards.
Jagdishan said the review, conducted by domestic and international law firms under the oversight of a Special Committee of Independent Directors, examined Board minutes, communications and interviews covering the two years preceding Chakraborty's resignation.
He added that the findings, shared by the bank on June 26, concluded that the statement in Chakraborty's resignation letter and its implications "were not substantiated by the record reviewed and witness interviews."
In a separate message to shareholders, Interim Chairman Keki Mistry said Chakraborty's resignation had led to speculation over the bank's governance standards. He reiterated that HDFC Bank remains "strongly rooted in strong corporate governance principles and values" and said the Board had proactively appointed external law firms and constituted a Special Committee of Independent Directors to oversee the review.
Mistry also reaffirmed the bank's commitment to the highest standards of transparency, accountability and oversight.