Mumbai, March 23 Days after the surprise resignation of HDFC Bank non-executive chairman Atanu Chakraborty, capital markets regulator Sebi's chairman Tuhin Kanta Pandey said on Monday that independent directors are expected to act responsibly and not make any insinuations.
In comments responding to the departure of the largest private sector lender's executive chairman, who cited concerns about ethics and values, Pandey reminded the public of the responsibilities of independent directors like Chakraborty.
It is worth noting that the resignation led to a sharp correction in the HDFC Bank scrip, as investors became concerned.
Independent directors are required to protect the interests of minority shareholders and should act "responsibly", Pandey told reporters here.
"No one is expected to make insinuations without proper evidence and recordings," Pandey told reporters during the customary post-board meeting interaction.
Reading from statutes, he said there is a system in place to deal with independent directors' concerns, which includes addressing the concerns to the board and documenting them.
"We can't keep things vague," he added.
Sebi will be investigating all aspects of the matter and will aim to bring out all the facts, he said, emphasizing that independent directors hold important positions.
