The decision was taken at the board meeting held on March 26 based on the recommendation of the Governance, Nomination & Remuneration Committee, the bank said in a regulatory filing.
Maheshwari will serve a fresh term from March 30, 2026 to March 29, 2029, subject to the approval of the bank’s shareholders.
The lender said the proposed re-appointment will be placed before shareholders for approval in due course.
According to the disclosure, Maheshwari is not related to any other directors or key managerial personnel of the bank. The bank also stated that she is not debarred from holding the office of a director by virtue of any order passed by the Securities and Exchange Board of India (SEBI) or any other authority.
In a separate development, Sampath Kumar, the former Group Head of Branch Banking at HDFC Bank, will appeal against his termination from the bank, sources told CNBC-TV18 on March 24.
A person close to Kumar, speaking on condition of anonymity, said the issue related to an oversight and that he was not directly responsible for what had happened in Dubai.
“If you look at it, it was just an oversight issue by Sampath. He wasn’t directly responsible for what happened in Dubai. So, he is going to appeal the termination,” the person said.
Neither HDFC Bank nor Kumar responded to queries sent by CNBC-TV18.
According to sources, Kumar’s appeal will be addressed by the bank’s appellate authority, which the lender said is its board of directors. It is unclear whether the entire board will review the matter or if a committee will be constituted to examine the appeal.
Also read: HDFC Bank’s Group Head Branch Banking Sampath Kumar to appeal against his termination, say sources
Shares of HDFC Bank ended at ₹780.10 on the NSE on March 25, up ₹15.20 or 1.99%.
