India, April 7 -- At the last analysts' call, after the sensational resignation by the former chairman, Atanu Chakraborty, which was attended by the part-time new chairman, the legendary Keki Mistry, the focus was on the post-resignation repercussions. According to a report by Emkay Global Financial, HDFC Bank attributed Chakraborty's exit largely to interpersonal issues. It categorically denied governance or regulatory issues. One of the regulators, the Reserve Bank of India (RBI) took the same view. "Mistry. indicated that he would not have accepted the role at the age of 71 if there were any integrity or governance issues. which we believe is comforting," states the brokerage house's report.

However, investors may not fully agree. Ove...