HDFCBANK — HDFC Bank board penalizes CEO Jagdishan, top execs for 'business overreach'

HDFC Bank's board has issued warning letters and a monetary penalty of ₹1 lakh each to CEO Sashidhar Jagdishan, CFO Srinivasan Vaidyanathan, and retail assets head Arvind Vohra. The action follows a review by independent directors into arrangements with the Maharashtra State Road Development Corporation (MSRDC) in 2017 and 2021. The board concluded the issue was a case of "business overreach" rather than misconduct, while several US law firms have launched investigations into potential securities law violations.