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

New Delhi: India's National Highway projects are facing 5-8% cost increases and delays as the West Asia war drives up input costs and disrupts supplies, sector executives said.Companies are experiencing escalations in costs of key raw materials such as bitumen, steel, cement and fuel besides higher fuel costs and supply-chain disruptions due to ongoing geopolitical situations, executives of several companies engaged in the highways construction told ET.129785926Taking control"There have been intermittent delays and cost pressures with bitumen and fuel prices up by 25-20% while steel and electrical items have got costlier by 15-18%," said one of the executives who wished not to be identified. "Overall, these factors will have a marginal impact of up to 8% on project costs and, in many cases, timelines, depending on the project location and contract structure." Most players are relying on strategic sourcing and long-term agreements with suppliers to keep the situation under control while those involved in the engineering, procurement and construction (EPC) projects are leveraging contractual clauses such as price escalation provisions where applicable.Going forward, the focus would be on improving operational efficiencies, cost optimisation and diversifying supplier base to reduce dependency risks, an industry official said.Cost mitigationWhile the private sector is optimistic that early interventions by the government will ensure that the long-term infrastructure momentum is maintained, experts said the industry can look for alternatives to mitigate the cost escalation."Contractors could undertake recycling of existing roads (recycled asphalt pavement) to bring the overall requirement down by 10-20% along with warm mix asphalt which will reduce the consumption of heating oil," said Phani Mandalaparthy, associate director at Crisil Intelligence.Contractors are seen placing orders for loose bulk cement (through bulker trucks) rather than bags after a pan-India increase in prices of the per bag of cement, Mandalaparthy said.The National Highways Builders Federation (NHBF) has requested extension of time (EoT), relief from penalties, compensation for extraordinary cost escalation, and a uniform approach across EPC, hybrid annuity model (HAM), and built-operate-transfer projects at a recent meeting with the National Highways Authority of India (NHAI). Feedback from project sites indicates increased transportation and logistics costs, higher operating expenses for construction plants, and working capital pressures,NHBF said

Adani Green Energy witnessed a couple of block deals on Tuesday in which French multinational bank BNP Paribas was the buyer while Morgan Stanley was the seller.BNP bought 6.9 lakh shares in the company through its affiliate BNP Paribas Financial Markets in a deal valued at Rs 56 crore. The shares were purchased at a price of Rs 808.3 apiece, a 1% discount from Monday's closing price of Rs 816.45.Morgan Stanley sold as many shares via its investment arm Morgan Stanley Asia (Singapore) Pte.Adani Green Energy shares ended at Rs 839 on the NSE today, up by Rs 22.55 or 2.76%.Adani Green Energy shares have underperformed the broader markets, declining 12% over a one-year period. In contrast Nifty and the BSE Sensex have declined by 2% and 4%, respectively.The stock has slipped below its 50-day and 200-day simple moving averages (SMA) of Rs 908 and Rs 987, respectively, according to Trendlyne data.Adani Green reported a net loss of Rs 41 crore in the December quarter, compared with a profit of Rs 492 crore in the year-ago period and Rs 583 crore in the September quarter. The loss/profit is attributable to the company's shareholders. Total income during the reporting period rose 8% year-over-year (YoY) to Rs 2,837 crore.Revenue from power supply increased 21% YoY to Rs 2,420 crore in the October–December 2025 period, while EBITDA for the segment rose 23% YoY to Rs 2,269 crore.Strong revenue and EBITDA growth in the power supply business was driven by greenfield capacity addition of 5.6 GW, deployment of advanced renewable energy technologies, strong plant performance and the commissioning of new capacities at resource-rich sites in Khavda, Gujarat, and Rajasthan.“In 2026, Adani Green has continued its growth trajectory, adding 5.6 GW of renewable energy capacity, representing nearly 14% of all new solar and wind capacity installed across India,” said Ashish Khanna, CEO of Adani Green.The company’s operational capacity reached 17.2 GW, keeping it on track to achieve its 50 GW target. The Khavda project, which is the world’s largest renewable energy installation, is progressing at an accelerated pace, the company said.Also read: Brand Concepts bulk deal: Ashish Kacholia exits microcap as stock price erodes 36% in a year(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

CoinDCX on Tuesday welcomed the court’s order granting bail to its co-founders. In a press statement issued today, the company claimed that the court observed no prima facie case had been made out against the co-founders.Describing the case, CoinDCX said it involves a fraudulent website, 'coindcx.pro,' created by unknown actors to impersonate CoinDCX and deceive users."CoinDCX’s only official platform is coindcx.com. The fraudulent site has no direct or indirect connection to CoinDCX or its subsidiaries," the press statement said."The Court took into account key facts, including that CoinDCX Co-Founders were not present at the location of the alleged offence, the press release said. The investigation officer submitted to the court that some other person/s represented themselves as CoinDCX Co-Founders and cheated the complainant. The complainant also confirmed that the individuals involved were not Sumit Gupta or Neeraj Khandelwal but unidentified actors impersonating them. The investigating officer raised no objection to bail," the statement said.This is consistent with CoinDCX’s position that the company and its leadership had no involvement in the incident and were themselves victims of a fraud perpetrated through impersonation.The promoters of CoinDCX were arrested on Saturday by the Thane Police on allegations of criminal breach of trust, officials said.The promoters of CoinDCX were arrested on Saturday by the Thane Police on allegations of criminal breach of trust, officials said.According to the police, co-founders Sumit Gupta and Neeraj Khandelwal were apprehended from Bengaluru and produced before a holiday court in Thane. The court had remanded the duo to police custody until Monday.The Thane police registered an FIR against six individuals, including Gupta and Khandelwal, for allegedly cheating a complainant of Rs 71.6 lakh under the pretext of cryptocurrency investment and franchise opportunities linked to CoinDCX. The complainant, an insurance advisor, alleged that he was lured between August 2025 and February 2026 with promises of high returns and regulatory approvals. The accused reportedly collected funds through cash and bank transfers but failed to deliver the promised franchise or returns and later became untraceable. Police have invoked provisions of the Bharatiya Nyaya Sanhita (BNS) and initiated an investigation.Read more: CoinDCX promoters arrested by Thane police on criminal breach of trust chargesThe company has also invited industry attention on this incident, highlighting how impersonation and phishing scams are an increasing threat across digital financial platforms."Malicious actors are more frequently exploiting the trustworthiness of well-known brands by copying identities, platforms, and leadership figures to deceive users. CoinDCX strongly condemns such illegal activities. Responsibility lies with those who plan and carry out these scams, not with institutions whose identities are unlawfully exploited," the statement said.CoinDCX said the company continues to operate normally without any disruption. Trading, deposits, withdrawals, and all user services remain fully operational, the statement said.(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)