HDFC Bank, the largest private sector bank in India, has dismissed the claims of a US legal firm related to misleading the customers. Along with this, the bank has said to defend the case well. The bank has said that it will prepare an answer on this matter by the beginning of the coming year. A legal case has been filed against the bank last week seeking compensation for the losses suffered by investors.
The legal company has accused HDFC Bank of giving 'false and misleading' information. Rosen Legal has appointed Aditya Puri, CEO and Managing Director of the bank, his declared successor Shashidhar Jagadishan and company secretary Santosh Haldankar as defenders. Explaining further, the bank has said that a small securities holder has filed a lawsuit against three of its employees. HDFC Bank has informed the exchange, "The bank rejects the allegations and will vigorously defend the cases."
There is no clear mention of the compensation amount but it is said that it may happen that thousands of investors have suffered the loss. The bank had admitted that there was some irregularity in this department. Also, HDFC Bank shares closed at Rs 1,048.70, down 0.82 per cent on the BSE. On Monday, Sensex saw a huge decrease of 2.09 per cent. It is now to see what the final decision is taken.
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