Methodology and editorial standards
This dossier makes no original accusations. It organises, links and contextualises what has already been published, litigated and adjudicated. Here are the rules it follows.
The rules
1. Published sources only. Every factual claim traces to a linked, published source: wire services (Reuters, PTI), national business press (Economic Times, Mint, Moneycontrol, Business Standard, The Hindu, BusinessLine, CNBC-TV18, NDTV, Business Today, Times Now), legal reporting (LiveLaw, Bar & Bench), regulatory documents (RBI, SEBI, MSCI), exchange filings, and court reporting. We publish no anonymous claims of our own.
2. Allegations stay allegations. Claims that were contested are written as allegations with attribution ("alleged", "reported", "according to"), never as established fact. Where a person or the bank denied a claim, the denial appears in the same chapter, usually in the same section.
3. Outcomes are stated. Where a matter was adjudicated, the outcome is stated in full - most significantly, the Bombay High Court's quashing of the Lilavati Trust FIR against the CEO, which this dossier reports as prominently as the allegation itself.
4. Commentary is labelled. Where we cite commentators (for example, Hemindra Hazari), we identify the piece as opinion or analysis, not adjudicated fact, and note the author's disclosures where reported.
5. Figures carry dates. Share prices and ratios are stated as of their reported dates. The bank's 1:1 bonus of August 2025 makes price comparisons across that date misleading unless adjusted; we flag this where relevant.
6. No advice. Nothing on this site is investment, legal or financial advice.
Independence
The Blue Grid Files is a Team AP Labs project. It has no affiliation with, endorsement from, or connection to HDFC Bank, HDFC Group, or any entity named in it. It earns no revenue from the subjects it covers and carries no advertising. Its sibling projects are listed in the footer for transparency.
Corrections
If a linked source corrects itself, or a matter covered here materially advances (for example, the CEO appointment pending as of 28 September 2026), the affected chapter is updated and the change is reflected in the "last updated" date on the cover.