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According to HDFC Bank, the Bahrain High Civil Court has rejected all seven legal proceedings filed by investors regarding their purchase of Credit Suisse Additional Tier 1 bonds sold through the lender.[[1]](https://m.economictimes.com/et-front/hdfc-bank-wins-all-at1-bond-cases/articleshow/134031125.cms) The court found investors failed to produce sufficient admissible evidence to support allegations including gross negligence, misrepresentation, incorrect customer classification and violation of product suitability principles, ordering them to bear the costs of proceedings in each case. Five cases were dismissed between July and August 2026, with the final two rejected on September 9, 2026. Similar complaints against the bank in India had been dismissed by the National Consumer Disputes Redressal Commission in March 2026.
Shriram Subramanian, founder and managing director of InGovern Research Services, described the Bahrain ruling as a major positive for HDFC Bank in an interview with CNBC TV18 published September 11, 2026. “This is a big positive for HDFC Bank because the overhang of this case, especially the misselling and the accusation that the bank has missold, is gone,” Subramanian said. He added that the court rightly pointed out investors also carry responsibility to conduct their own due diligence, particularly since many were high net worth individuals purchasing third-party bonds where the bank acted as a sales agent.
The disputes trace back to the full writedown of Credit Suisse AT1 bonds to zero in March 2023 when UBS acquired the Swiss bank under a government-brokered deal, inflicting losses on bondholders globally. HDFC Bank maintained it functioned solely as a facilitator with investors retaining autonomy over decisions, a stance the Bahrain court supported after examining the evidentiary record. The removal of this legal cloud is expected to ease pressure on the bank’s reputation and operations.
Turning to Coforge Ltd, Subramanian told CNBC TV18 that chairman O P Bhatt’s position became untenable following a board evaluation that assigned him the lowest rating, a finding not fully disclosed to the full board or nomination and remuneration committee. An internal audit as part of the company’s Q2FY26 plan flagged concerns over the manner in which the board evaluation report was prepared, presented and discussed under Bhatt’s guidance as chairman. This raised questions about misrepresentations and the chairman’s integrity, prompting his resignation effective September 8, 2026.
Coforge disclosed in regulatory filings that key shareholder Advent International, which holds more than 13 percent through related entities, voted against Bhatt’s reappointment at the annual general meeting on August 24, 2026, blocking the special resolution needed due to his age. Bhatt, former chairman of State Bank of India who had joined Coforge as independent director in 2024 and became chairman later that year, stated he acted in good faith but stepped down to avoid hindering effective board functioning despite his original term ending in May 2027. The IT services company reported revenue of Rs 9,572 crore in FY26.[[2]](https://indianexpress.com/article/explained/explained-economics/coforge-chairman-op-bhatt-resigns-board-audit-concerns-10871199/)
Board evaluations are required under SEBI regulations and the Listing Obligations and Disclosure Requirements, Subramanian noted in the same CNBC TV18 interview, making the handling of findings at Coforge a notable governance matter. Coforge shares declined following the announcement of Bhatt’s exit and the related disclosures. For HDFC Bank, the Bahrain outcomes cap a series of favourable legal resolutions on the AT1 matter that had lingered since the Credit Suisse collapse.
