HDFC Bank Gets Scrutinized by US Investor Rights Firm
The US-based global investor rights law firm, Rosen Law Firm announces an investigation of potential securities claims on behalf of HDFC's shareholders. This investigation has been initiated as a result of the allegation on the bank that it may have issued materially misleading business information to the investing public. Hence, the Rosen Law Firm is preparing a securities lawsuit on behalf of the shareholders of the HDFC Bank.
The Rosen Law Firm has requested the investors to submit their details if they have brought HDFC Bank Limited securities and are interested to receive information about the investigation pertaining to the securities lawsuit and to recover from the investor losses in the HDFC Bank Limited securities.
The law firm has also confirmed that their representatives would get in touch with the shareholders and provide you detailed information related to the proposed class action to recover their losses in the HDFC Bank Limited securities. Alongside, the charges would also include the bank executive insisting the borrowers in buying GPS devices in addition to the auto loans and even compelling that the loans would not be sanctioned unless they buy these devices. Furthermore, it has also been found that the devices have been manufactured by a Mumbai firm, Trackpoint GPS and each device costs about 
18,000.
18,000.
The malpractice carried out by the bank officials was confessed by the bank's CEO, Aditya Puri in the bank's AGM.
HDFC Bank's Communication Executive states, "We were unaware of any such development (class action lawsuit) till we heard about it from the media a little earlier today. We are getting details about it. We’ll examine it and respond to it as appropriate. Prima facie it does look frivolous as we believe we have been transparent in our disclosures".
