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HDFC Bank hires three law firms to review chairman’s abrupt exit

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Mumbai: HDFC Bank has appointed domestic law firms Wadia Ghandy and Trilegal, along with a marquee US-based firm, to review the circumstances around former chairman Atanu Chakraborty’s abrupt resignation, two people familiar with the development said.

The scope of the review includes a detailed examination of board meeting video recordings, minutes and agendas over the past two years, to ascertain whether any concerns relating to unethical practices or governance issues were raised by the former chairman during his tenure, they said.

It will also cover all whistle-blower letters received and escalated to the board during this period, to assess whether they raised substantive concerns and whether adequate action was taken in response, the people said.Also Read |HDFC Bank a “screaming buy” amid market uncertainty: Sameer Dalal

The law firms may interview current board members and senior management to determine whether anyone has information pertaining to unethical practices or governance issues at the bank, the people said.
HDFC Bank, Wadia Ghandy and Trilegal did not respond to ET’s emails seeking comment.
The bank in a stock exchange filing on Tuesday said it appointed domestic and international law firms to review Chakraborty’s resignation. Without naming the law firms, the bank said it has asked them to submit their reports within a reasonable timeframe.
HDFC Bank in a separate statement also said the appointment was a proactive measure to ensure an objective and fact-based assessment of the aspects raised in the resignation letter.

“This step is in keeping with the bank’s commitment to constantly benchmark with the highest governance standards it has practised over decades,” the lender said.

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Also Read | HDFC Bank crisis, war fears, and market chaos: What should investors do right now? Gurmeet Chadha answers

The review was prompted by the March 18 resignation of Chakraborty, a retired IAS officer and former secretary of the Department of Economic Affairs. In his letter, he cited practices not in line with his personal values and ethics as the reason for stepping down – a statement that sent shockwaves through India’s banking establishment.

In an interview with ET published on Monday, HDFC Bank managing director and chief executive Sashidhar Jagdishan said the bank would hold multiple board meetings over the coming months to review decisions made in recent years.

“We are not infallible. If there are areas where we need to improve, we will improve. We will address all issues,” he said.

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Jagdishan acknowledged that the bank had yet to fully understand what prompted the exit after Chakraborty’s five-and-a-half years on the board. “This is like fighting a ghost. We had never anticipated this,” he told ET. When asked whether the bank would pursue legal remedies for reputational damage, Jagdishan said: “We are engaged with a legal firm to examine all possibilities.”

Recounting the events that preceded the resignation, Jagdishan said the bank had urged Chakraborty to raise his concerns through the bank’s established internal processes.

“When we saw those two contentious lines, we said we have a well-established process that you have personally helped institute. If you have concerns, put them there and we will address them collectively. He said: ‘I don’t have any to share.’ We then said, ‘If you don’t have any to share, please remove the lines.’ He was steadfast and refused to budge. That’s where it stands, so we went to the regulator,” Jagdishan said.

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(VIDEO) Lee Jung-Hoo Blasts Second Spring Training Home Run, Caps Strong Tuneup Ahead of 2026 MLB Season

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San Francisco Giants outfielder Lee Jung-Hoo

San Francisco Giants outfielder Lee Jung-hoo launched his second home run of spring training Wednesday, delivering a three-run shot in an exhibition game that further boosted expectations for the 27-year-old South Korean star heading into the 2026 regular season.

The blast came against a New York Yankees pitcher in the latest tuneup contest, capping a red-hot exhibition stretch for Lee as the Giants prepare for Opening Day. Lee, who shifted from center field to right field this spring following the addition of Harrison Bader, went deep for the second time in recent exhibition play while continuing to show consistent contact and power at the plate.

Manager Bob Melvin praised Lee’s approach after the game, noting the outfielder’s ability to drive the ball to all fields and his smooth transition to the corner outfield spot. “He’s been locked in since coming back from the World Baseball Classic,” Melvin said. “The bat speed is there, the confidence is building, and he’s giving us exactly what we hoped when we signed him.”

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Lee signed a six-year, $113 million contract with the Giants before the 2024 season, bringing high expectations as one of the top hitters from South Korea’s KBO League. After a solid but injury-interrupted rookie year and a more challenging 2025 campaign marked by defensive adjustments and modest power output, the 2026 spring has offered encouraging signs of a rebound.

San Francisco Giants outfielder Lee Jung-Hoo
San Francisco Giants outfielder Lee Jung-Hoo

In limited exhibition action, Lee has posted a batting average well above .400 with multiple extra-base hits, including the pair of home runs. The latest three-run homer extended a strong run that included a solo shot in the final game against the Cleveland Guardians on March 22, where he went 2-for-3 with an RBI and two runs scored. That performance helped the Giants secure a 10-7 victory and closed out spring training on a high note.

The Giants have been pleased with Lee’s overall preparation. After captaining South Korea at the 2026 World Baseball Classic, where he contributed key hits and defensive plays despite the team’s quarterfinal exit, Lee returned to camp focused and productive. He has avoided strikeouts in several outings and shown improved plate discipline, drawing walks while punishing mistakes from opposing pitchers.

Defensively, the move to right field appears to suit Lee’s strong arm and athleticism. Previously graded below average in center field during 2025, Lee has adapted quickly to the new position, with the Giants citing Oracle Park’s dimensions and the need for better overall outfield balance. Bader, a former Gold Glove winner, is expected to handle center, allowing Lee to focus on his bat while still contributing with his glove.

As the Giants open the 2026 season Thursday against the Pittsburgh Pirates at Oracle Park, Lee is projected to bat near the top of the order and see regular playing time in right field. The club views him as a key piece in a lineup that includes veterans and young talent aiming to contend in the National League West.

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Lee’s journey from KBO stardom with the Kiwoom Heroes to Major League Baseball has been closely followed in South Korea, where he remains a national figure nicknamed the “Grandson of the Wind” for his speed and graceful style. Fans back home have celebrated his recent home runs, with Korean media highlighting the power display as a positive indicator after some critics questioned his power translation to MLB.

In 2025, Lee batted around .266 with eight home runs in a full season, showing contact skills but falling short of the 20-plus homer potential some projected upon his arrival. Injuries and adjustment to American pitching contributed to the modest output, but this spring’s results — including the back-to-back exhibition homers — suggest improved timing and strength.

Giants general manager Zack Minasian has expressed confidence in Lee’s development. “He’s a professional hitter with elite bat-to-ball skills,” Minasian said earlier in camp. “We’re seeing the power emerge more consistently now, and the work he’s put in defensively shows his commitment to helping the team win.”

The 2026 season brings new dynamics for Lee and the Giants. With a full healthy camp and the positional shift, expectations have risen for the outfielder to post career-best numbers in hits, extra-base production and on-base percentage. Analysts project him as a potential .280-.300 hitter with double-digit homers and solid run production if he stays healthy over 150-plus games.

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Teammates have taken notice of Lee’s work ethic. Veterans have commended his preparation and positive attitude, especially during the transition to right field. Lee himself has downplayed individual stats, emphasizing team goals and enjoyment of the game.

“Every day I try to get better and help the team,” Lee said through an interpreter after one recent game. “The home runs feel good, but winning is what matters most.”

As spring training concludes, the Giants appear optimistic about their outfield and overall roster. Lee’s hot streak provides a timely boost heading into a competitive division that includes the defending champion Los Angeles Dodgers and other strong contenders.

For Lee, the second exhibition home run serves as another building block. Whether it translates into sustained success in the regular season remains to be seen, but the early signs point to a motivated player ready to make his mark in year three of his MLB journey.

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The Giants open the season with high hopes, and Lee Jung-hoo’s recent power display has fans and analysts alike eager to see what the South Korean star can deliver once the games begin to count.

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Fears that ‘stray golf balls’ could damage homes at planned new green belt development

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Decision set to be made on Harwood scheme

The land earmarked for housing off Arthur Lane, near the village of Harwood in Bolton.

The land earmarked for housing off Arthur Lane(Image: Local Democracy Reporting Service)

A decision on plans to build 80 homes on green belt land on the outskirts of Bolton is set to be made this week.

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Rowland Homes aim to develop the new estate on fields off Arthur Lane, near the village of Harwood in Bolton.

It said the currently protected area ‘meets the grey belt tests’ at a time of housing shortfall.

Among 218 objections received by Bolton council is one from Harwood golf club, which lies next to the proposed development site.

It has requested ‘a ball strike survey’ as a condition if outline planning is approved. It said there could be a ‘liability to members and the club’.

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The club’s objection, said: “We do get a small number of stray golf balls that enter the car park and cause minor damage.

“We would request a ball strike survey as a condition to prevent any future damage to residents and potential liability to members and the club.

“Our grass cutting machines operate from around 6am in summer and we have members playing from a similar time, the potential for a noise impact to residents coupled with a large number of social functions the club holds should be realised in any noise mitigation strategy.”

A planning report has been published which will be to be put before members of Bolton’s planning committee at its Thursday, March 26 meeting.

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Planning officers have recommended that outline planning permission be granted.

The report said: “It is considered that the application site meets the definition of grey belt as the development would not fundamentally undermine the purposes of the remaining green belt across the borough.

“The proposal would contribute to the unmet need of housing within the borough and would be sustainably located.

“The proposal would also meet the ‘golden rules’ requirements by providing 50 per cent affordable housing, contributing to education provision and creating public open spaces on site or contributing to improving other open spaces in the borough.

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“The proposed development would therefore not constitute inappropriate development in the green belt and the principle of development is acceptable.”

The proposed development would provide 80 homes ranging from one to five bedrooms.

The site covers approximately 2.47 hectares of land across two agricultural fields currently for grazing purposes.

The terrain of the site is generally flat with a gentle slope down from west to east.

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The 218 objections to the plans include concerns about the impact on green belt.

One objector said: “The green belt serves a vital role in preventing urban sprawl and preserving the character of the countryside.

“This particular development will reduce the 360 metre strip of green belt separating Bolton from Bury, by 125 metres.

“This is development of the last remaining open parcel in Harwood and the development will encourage further sprawl in the surrounding open areas.”

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Other objections outlined worries about traffic, public rights of way and residential amenity along with potential harm to wildlife and trees and lack of local facilities.

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

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Labubu maker Pop Mart meets 2025 revenue expectations

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Labubu maker Pop Mart meets 2025 revenue expectations


Labubu maker Pop Mart meets 2025 revenue expectations

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Why the Pullback From Private Credit Funds Could Actually Help Blue Owl and Others

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Why the Pullback From Private Credit Funds Could Actually Help Blue Owl and Others

Why the Pullback From Private Credit Funds Could Actually Help Blue Owl and Others

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Barnes & Noble Education: Mixed Quarter But Too Cheap To Ignore – Buy

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Barnes & Noble Education: Mixed Quarter But Too Cheap To Ignore - Buy

Barnes & Noble Education: Mixed Quarter But Too Cheap To Ignore – Buy

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Turning Service Into a Probate Mission

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Turning Service Into a Probate Mission

A Different Path Into Estate Services

Most people don’t plan to build a career around probate and estate administration. For Jacob Schmalzle, the work began with a simple act of service at church.

Today, he is the founder of Spirit of Service (SOS), a company that handles estate executor and trustee responsibilities. But the idea didn’t start as a business plan.

It started with a neighbor who needed help.

“I play guitar at church and volunteer regularly,” Schmalzle says. “Someone in our church retirement community needed help planning for probate. I agreed to help before I even knew it was a paid role.”

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That moment set a chain reaction in motion. The experience exposed him to the complicated world of estate planning and probate. It also showed him how confusing the process can be for families already dealing with grief.

Word spread quickly within the church community. Soon more people were asking for help.

What began as a favor slowly became something bigger.

The Personal Loss That Shaped His Career

Schmalzle’s connection to estate work deepened after a difficult period in his personal life.

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Within a few months, he lost both his father and grandmother. His father, Pastor Bob, had been a major influence on his life and values.

The loss forced Schmalzle to navigate the estate process himself.

“After losing my father and grandmother within a few months, I was forced to learn the entire estate planning, probate, and trust process,” he says. “It was difficult to navigate without help, especially while grieving.”

That experience changed how he saw the industry.

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Many families were facing the same situation. They had paperwork, legal steps, and financial decisions to manage while dealing with loss.

Schmalzle began to see estate administration not just as paperwork, but as a service that required empathy.

“I have true personal compassion for my clients,” he says. “No one should have to endure the stress of probate alone during an already difficult time.”

Why Probate Often Becomes Expensive

The probate process is often handled by lawyers, banks, or family members. In many cases, the person named executor in a will does not have the time or experience to manage the process.

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When that happens, they frequently outsource the work.

Jacob Schmalzle noticed a pattern.

Probate cases can drag out for long periods. Professional fees often increase as the process slows.

“The role of executor is usually left to lawyers or banks,” he says. “Even when a child is named executor, they often lack the skills required and end up outsourcing the work.”

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That observation helped shape the structure of his company.

The Creation of Spirit of Service

In 2025, Schmalzle formally launched Spirit of Service.

The company provides estate executor and trustee services, helping families manage probate and trust distributions. The business focuses on efficiency and clear administration.

Schmalzle says the goal is simple: reduce unnecessary delays and keep more value within the estate.

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“Probate can get dragged out,” he says. “That often leads to unnecessary hourly billing on top of scale fees.”

Spirit of Service operates differently from many traditional firms.

The company charges no more than the state minimum executor fee of three percent. It also runs on a model designed to move cases forward quickly.

But the structure also includes something unusual in the estate services industry.

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Blending Estate Work With Charitable Giving

From the beginning, Schmalzle wanted the company to reflect the values he grew up with.

His father’s work as a pastor shaped how he thinks about stewardship and service.

“My dad taught me to see Christ in others and serve when we are called,” Schmalzle says.

That mindset influenced how Spirit of Service operates.

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The company donates 10 percent of its collected fees to a client’s church or chosen charity.

The idea is to build charitable giving into the legacy process itself.

“Many churches have estate planning programs,” Schmalzle says. “But when members need a third-party executor through probate, there hasn’t always been a service aligned with those values.”

Through the estates it has administered, the company reports donating more than $2 million to charitable causes.

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For Schmalzle, those outcomes matter as much as the administrative work.

“Success is enabling a client to give more to their children while also giving to the church,” he says.

Building Credibility in the Fiduciary Field

The fiduciary services industry relies heavily on trust and professional standards.

To deepen his expertise, Schmalzle joined several professional groups focused on estate administration and after-loss services.

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These include the Professional Fiduciary Council of Florida and Professionals of After Loss Services (PALS).

He says ongoing education is essential in a field where laws, procedures, and financial structures can change.

“I’ve joined these organizations to continue growing professionally,” he says. “The continuing education and support network are important.”

A Service-First Leadership Style

Despite building a growing business, Schmalzle still frames his work in simple terms.

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For him, the company is an extension of the same instinct that led him to help his church neighbor years ago.

“I never expected to start SOS,” he says. “It was simply saying yes to a call to serve and trying to keep my feet moving.”

That approach still guides his leadership.

“What I thought was my weakest moment, losing my father, gave me incredible compassion for others who are grieving,” he says.

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In an industry often defined by legal processes and financial structures, Schmalzle sees the human side of estate work as the most important.

“Faith helps me trust that my God-given talents have equipped me to serve those in need,” he says.

And for the families he works with, that mindset may be the real legacy behind the business he built.

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A Pharmacist Who Helped Shape Community Care

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A Pharmacist Who Helped Shape Community Care

A Career Built on Care and Community

For more than three decades, Ida Shlain has worked behind the pharmacy counter helping patients manage their health. But her story is not only about filling prescriptions. It is about adapting to change, supporting a community in crisis, and building trust with patients over time.

Shlain’s career in pharmacy began long before she arrived in California. She grew up in the Soviet Union, in what is now Ukraine, during the 1960s. Resources were limited, and opportunities often came with challenges.

“It was a very different time,” Shlain says. “Life was simple and sometimes primitive, but education was important. I went to school and later graduated from pharmacy school.”

That early education laid the foundation for a career that would eventually take her across the world and into one of the most dynamic healthcare markets in the United States.

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From Ukraine to California Pharmacy

After completing her education in Ukraine, Shlain moved to the United States and began the process of rebuilding her professional career.

Transitioning into the American healthcare system required additional coursework and licensing. Shlain completed the required programs through the University of Southern California (USC) and worked toward becoming licensed in California.

By 1990, she officially began practicing as a pharmacist in the state.

“It was not easy starting again in a new country,” she says. “But pharmacy is a universal profession. Helping patients is the same everywhere.”

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Her persistence paid off. Over time, she built a reputation for reliability and patient care in the Los Angeles area.

Serving Patients During the HIV/AIDS Crisis

One of the most defining chapters of Shlain’s career came during the HIV/AIDS crisis, when West Hollywood became one of the communities most deeply affected.

At the time, many patients faced fear, stigma, and limited access to treatment. Pharmacies became critical points of care.

Capitol Drugs was among the early pharmacies working closely with organizations supporting people living with HIV.

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“We helped patients get the medications they needed,” Shlain recalls. “We also worked with the AIDS Foundation and donated to help the community.”

The work was not always easy. Treatment options were still evolving, and patients often needed ongoing support.

“You saw people going through very difficult situations,” she says. “As a pharmacist, you tried to help in any way you could.”

For Shlain, that period reinforced the deeper purpose behind her profession.

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“Pharmacy is not only about medicine,” she says. “It is about being there when people need help.”

What It Takes to Run an Independent Pharmacy

Running an independent pharmacy requires more than medical knowledge. It also requires leadership, adaptability, and strong relationships.

Over the years, Ida Shlain has seen major shifts in healthcare, including changes in medication technology, insurance systems, and patient expectations.

Yet some parts of the profession remain unchanged.

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“The most important thing is still the patient,” she says. “You listen, you answer questions, and you help them understand their treatment.”

Her leadership approach has always been practical and focused on service.

“Every day is different,” Shlain explains. “Some days you solve problems. Some days you simply help someone feel better about their situation.”

That mindset helped her maintain long-term relationships with many patients in West Hollywood.

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Life Outside the Pharmacy

When she is not working, Shlain spends time exploring her interests in art and culture.

She enjoys visiting museums, art galleries, Broadway shows, and theater productions. These activities offer a different kind of perspective from the fast-paced environment of healthcare.

“Art and theater are inspiring,” she says. “They help you see the world in different ways.”

For someone who has spent decades in a highly structured medical profession, creativity provides balance.

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A Long Career in Community Healthcare

Today, Shlain’s story reflects a broader trend in healthcare: the impact of local professionals who quietly support their communities year after year.

From her early education in Ukraine to her decades practicing pharmacy in California, her career has followed a consistent theme—helping people navigate complex medical challenges.

Looking back, Shlain describes the profession in simple terms.

“At the end of the day, pharmacy is about helping patients live better lives,” she says. “That has always been the goal.”

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Her experience shows how a single pharmacy can become an important part of a neighborhood’s health system—and how one pharmacist’s work can touch thousands of lives over time.

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Metropolitan Bank Stock: Overvaluation, Technical Caution In Sync With Emerging Headwinds

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IAK: Understanding The Structure And Suitability Of This Insurance ETF

This article was written by

I have been working in the logistics sector for almost two decades. I have been into stock investing and macroeconomic analysis for almost a decade. Currently, I focus on ASEAN and NYSE/NASDAQ Stocks, particularly in banks, telco, logistics, and hotels. Since 2014, I have been trading on the PH stock market. I focus on banking, telco, and retail sectors. A colleague encouraged me to engage in the stock market as part of my portfolio diversification instead of putting all my savings in banks and properties. That was also the year when insurance companies became very popular in the PH. Initially, I invested in popular blue-chip companies. Now, I have investments across different industries and market cap sizes. There are stocks I hold for my retirement, while others are purely for trading profits. In 2020, I also entered the US Market. It was about a year after I discovered Seeking Alpha. Originally, I was using the trading account of NY CA-based cousin. Somehow, I acted like his personal broker. That made me more aware of the US market before deciding to open my own account. I decided to write for Seeking Alpha to share and gain more knowledge since I have been trading on the US market for only four years. Like in the ASEAN market, I have holdings in US banks, hotels, shipping, and logistics companies. I discovered it in 2018. Since then, I have been using the analyses here to compare them to the ones I’m doing in the PH Market.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Macmahon secures $440m mine revival contract pipeline

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Macmahon secures $440m mine revival contract pipeline

Macmahon has lined up $440 million worth of work for restarting mothballed precious metal projects, after securing its second major mine revival contract this week.

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Wright Prospecting posts $239m profit from Rio royalties deal

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Wright Prospecting posts $239m profit from Rio royalties deal

Three of Perth’s wealthiest families have received a financial boost after their private company posted another big profit courtesy of a 54-year old royalties deal with Rio Tinto.

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