HDFC Bank said Friday that Srikanth Nadhamuni had resigned as a director of its board, citing potential future interests. Nadhamuni tendered his resignation as a non-executive (non-independent) director of HDFC Bank in his resignation letter dated February 18, 2022, effective Friday, HDFC Bank said in a regulatory filing.
The bank said Nadhamuni cited potential future transactions/arrangements that could materialize between the bank and a business in which he might be interested.
“I have disclosed this interest to the bank in terms of relevant laws and the board has noted it. In the spirit of the bank’s highest corporate governance principles, I would like to resign as director of the bank in order to avoid any potential conflict of interest that may arise due to such transactions/arrangements regarding my tenure as director with the bank,” Nadhamuni said in his resignation letter.
First post: STI