Glass Lewis issued a controversy alert for HDFC Bank (NSE:HDFCBANK, BOM:500180) shareholders ahead of the company's annual general meeting on April 26, according to a recent release.

The alert relates to risk management and oversight issues, highlighted by the resignation of independent chair Atanu Chakraborty, who cited ethical concerns within the company.

Regulatory investigations point to compliance failures, such as delayed issue reporting and new client onboarding restrictions, at the bank's Dubai International Financial Centre branch.

The bank also fired several senior executives following an internal probe into misselling of Credit Suisse AT1 bonds.

The bank has provided limited information on underlying issues, which have led to increased scrutiny on its risk controls, oversight, and cross-border compliance practices.

The alert's rationale relates to relevant media coverage and potential material ESG risk and falls under community or stakeholder relations, board effectiveness, ethics, and oversight issue.