India, April 6 -- What is it that they say about a coin? There are two sides to it, like is the case with most issues, controversies, and debates. The same is true about the ongoing HDFC Bank drama, which resulted in the resignation of a chairman, media headlines about what was wrong with the bank, interesting takes by experts and regulators, and a steep decline in the stock price. Let us consider the two scenarios of what the case is about, and what it is not. The fact remains that the sudden exit has cast a long shadow, and raised more questions.

In Scenario 1, let us agree with the former chairman, Atanu Chakraborty, who led the bank for two years, and resigned because he saw practices that were ethically troubling. But one can easily...