New Delhi, June 26 -- Law firms tasked by private sector lender HDFC Bank found no "basis for the statement" made by former chair Atanu Chakraborty, the bank said in a statement late on Friday evening.

"In sum, the contemporaneous evidence reviewed was inconsistent with Chakraborty's statement, and external law firms' review did not identify any basis for the statement," the bank said.

In March, Chakraborty suddenly resigned, with his letter from 17 March to the board citing "certain happenings and practices within the bank" that were "not in congruence" with his personal values and ethics. He did not elaborate. Days later, he went on national television to hint that the "mis-selling" of Credit Suisse's perpetual bonds was a bone of con...