The story so far
HDFC Bank MSRDC Probe
Tracked across 6 sources · Updated 2h ago
HDFC Bank board fined CEO Sashidhar Jagdishan, CFO, and another executive ₹1 lakh each for 'business overreach' in an internal probe over an MSRDC deposit arrangement. ADRs fell. No personal enrichment was found.
How it unfolded
8h ago
Shares slip nearly 1% after board fines top executives
1d ago
Board warns CEO and CFO, imposes ₹1 lakh penalty
What happened earlier
Latest updates
Latest
Full story →HDFC Bank clears internal review; Macquarie sees 57% upside, CEO term extension in focus
HDFC Bank's internal review found no misconduct.
Macquarie retained a bullish stance with 57% upside.
Investor focus is on CEO Sashidhar Jagdishan's term extension.
Earlier · 20h ago
Full story →HDFC Bank Board Warns CEO Sashidhar Jagdishan, CFO, Imposes ₹1 Lakh Penalty Over MSRDC Deposit Probe
HDFC Bank board imposed a ₹1 lakh penalty and issued warning letters to MD & CEO Sashidhar Jagdishan, CFO Srinivasan Vaidyanathan, and Group Head Arvind Vohra over an internal probe into deposit mobilisations from MSRDC.
The independent committee found no evidence of personal enrichment or mala fide intent, categorizing the conduct as 'business overreach' in driving deposit growth.
The board's decision, based on recommendations from a Special Disciplinary Committee of Independent Directors, addressed potential divergence from RBI regulatory directions.
The internal probe examined deposit arrangements with Maharashtra State Road Development Corporation (MSRDC) between 2017 and 2021.
HDFC Bank will formally communicate the findings and disciplinary measures to the Reserve Bank of India.
Earlier · 5h ago
Full story →HDFC Bank fines 3 top executives in MSRDC case
HDFC Bank fined three top executives including CEO Sashidhar Jagdishan in the MSRDC case.
CFO Srinivasan Vaidyanathan and group head Arvind Vohra also fined.
The fines relate to alleged irregularities in the MSRDC loan case.
