HDFC Bank Leadership: Sashidhar Jagdishan Supports Keki Mistry as Long-Term Chairman

HDFC Bank CEO Rooting for Interim Chairman Keki Mistry to Remain Beyond Mandated Period

HDFC Bank's Chief Executive Officer (CEO) Sashidhar Jagdishan has expressed support for interim chairman Keki Mistry to remain as the chair of the board beyond the mandated three-month period. This comes despite the fact that Mistry's appointment was initially meant to be a temporary measure, following the abrupt resignation of former part-time chairman Atanu Chakraborty on March 17.

Mistry's Appointment as Interim Chairperson

Mistry was appointed as the interim chairperson for a three-month period on March 18, after Chakraborty's resignation. At the time, Mistry downplayed the significance of Chakraborty's departure, stating that there were no major issues at HDFC Bank and that the development was not linked to any operational or governance concerns. However, Chakraborty had cited certain practices within the bank over the last two years as being "not congruent" with his personal ethics and values in his resignation letter.

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Financial Performance

In a separate development, HDFC Bank posted a 9% rise in standalone net profit at Rs 19,221 crore for the quarter ended March, compared to Rs 17,616 crore in the year-ago period. This growth is a testament to the bank's financial stability and resilience.

Process for Mistry's Future Role

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While Jagdishan and Deputy Managing Director Kaizad Bharucha are rooting for Mistry to remain on the board, any decision on his future role will be subject to the decision of other members of the board. Jagdishan noted that there are certain processes to be followed before Mistry's continuation can be considered, including a deliberation by the nomination and remuneration committee (NRC) and the board, as well as recommendations to the regulator.