Srikanth Nadhamuni resigns as non-executive director of HDFC Bank

HDFC Bank on Friday said Srikanth Nadhamuni has resigned as the non-executive director from its board, citing potential future interests. 

Nadhamuni has tendered his resignation as non-executive (non-independent) director of HDFC Bank vide his resignation letter dated February 18, 2022, effective Friday, HDFC Bank said in a regulatory filing. 

The bank said Nadhamuni has cited potential future transactions/arrangements which may materialise between the bank and a company in which he may be interested. 

''I have disclosed this interest to the bank in terms of the relevant laws and the same has been noted by the board. In the spirit of highest corporate governance principles of the bank, I would like to step down as director of the bank in order to preclude any instances of potential conflict of interest which may arise on account of such transactions/arrangements as regards my directorship with the bank,'' Nadhamuni said in his resignation letter.

On Friday, HDFC Bank scrip closed 0.30 per cent higher at Rs 1,511 apiece on BSE.