Keki Mistry may get extension at HDFC Bank

Keki Mistry may get extension at HDFC Bank

Synopsis

“Senior executives and board members at HDFC Bank are understood to be in favour of maintaining continuity at the top level until the ongoing legal review is completed and its findings are discussed by the board,” a bank official said. “The view within the bank is that initiating the process for appointing a new chairman before the review concludes could be premature and may complicate governance discussions currently underway.”

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MUMBAI: HDFC Bank plans to extend the tenure of interim part-time chairman Keki Mistry by three months as the bank’s top management and board wait for the findings of an ongoing legal review before appointing a full-time chairman, people privy to the matter said.

“Senior executives and board members at HDFC Bank are understood to be in favour of maintaining continuity at the top level until the ongoing legal review is completed and its findings are discussed by the board,” a bank official said. “The view within the bank is that initiating the process for appointing a new chairman before the review concludes could be premature and may complicate governance discussions currently underway.”

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The company board is seeking a 90-day extension to Mistry’s current term ending on June 18 from the Reserve Bank of India even as Mistry himself has indicated he is unlikely to continue beyond the transitional period, sources said.

HDFC Bank did not respond to ET’s query.