Days after the board room saga in HDFC Bank, the banking regulator is said to have stepped in to understand the core issues which led to the resignation of then chairman, Atanu Chakraborty, seemingly after a confrontation with the with the executive management of the bank, led by its MD and CEO, Sashidhar Jagdishan.

Source say the Reserve Bank of India has asked the bank to furnish minutes as well as audio and video recordings of the board meetings held on 17 and 18 March.  It has also sought similar information of the Nomination and Renumeration committee (NRC) which met on the 17 March. Differences which emerged during the NRC is said to have prompted Chakraborty to out in his papers.

RBI’s intent is possibly to check certain details provided by Chakraborty to the regulator earlier this week by examining the records. Chakraborty is understood to met RBI officials earlier this week.

“It is a normal practice for RBI to seek for board minutes and other information in instances where it deems necessary. In this case, considering that the RBI has asked for such information within a week of the board meeting, it indicates that the regulator is keen to carefully examine points put forth by both sides – namely Chakraborty and the bank, represented by Jagdishan,” said a source who didn’t want to be named.

Normally, companies are given 14 days to compile minutes of board meetings. It is not clear whether RBI has given the bank time to submit the documents or has sought the details on an immediate basis.

Queries emailed to HDFC Bank and RBI seeking confirmation on the development remained unanswered till publishing the article.

Another source who didn’t want to be identified said that the need to peruse these documents may have emerged because Chakraborty is said to have indicated to the RBI that a few concerns flagged by him may not have been adequately captured in board minutes and/or may not truly reflect his point of view. “The RBI seems to have has asked for recordings and documents to verify this aspect,” he said.

Differences which have been brewing between Chakraborty and Jagdishan for a while came to fore on Wednesday last week when the former stepped down from his position as chairman. In a letter to the board, Chakraborty stated: “Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal Values and Ethics. This is the basis of my aforementioned decision”.

Subsequently, Keki Mistry was appointed as a part-time interim chairman of the bank for a period of three months.

In a stock exchange filing on March 24 the bank announced the appointment of external law firms (one domestic and one foreign) to conduct a review of Chakraborty’s resignation letter.