<\/p>\n
The law firm<\/a> has named Aditya Puri<\/a>, his successor Sashidhar Jagdishan<\/a>, and company secretary Santosh Haldankar in the suit that seeks to recover damages for the lender\u2019s investors under the US federal securities laws.<\/p>\n \u201cHDFC<\/a> Bank had inadequate disclosure controls and procedures and internal control over financial reporting; as a result, the Bank maintained improper lending practices in its vehicle-financing operations; accordingly, earnings generated from the Bank’s vehicle-financing operations were unsustainable; all the foregoing, once revealed, was foreseeably likely to have a material negative impact on the Bank’s financial condition and reputation; and as a result, the Bank’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit<\/a> claims that investors suffered damages,\u201d the law firm said in a statement on its website.<\/p>\n