Toxic Work Place - HDFC Bank Case In The Lens of Social Impact Assessment Audit & SEBI ( Stock Exchange Board of India ).

 

Tears for Sadaf Fatima, Safi, and Shivam Mehrotra all from HDFC Banks. 

Tears also for brave Nida Mushir, the brave wife of Safi. 

                                                                               

 

             ( Video Sample: Use head phone for listening the voice conversation. The video sample is from HDFC Kolkata. This is in Bengali conversation. The VP is using here un- parliamentarian  language and abusive words. The VP has lost his head as in this meeting one lady employee is also participating. He should have maintained decorum and ethical practice. Clearly he is putting unethical work pressure in this video. This is violation of ILO and UN Decent Work practice. This sample is uploaded because HDFC has denied such practice culture  in bank to Nida Mushir, the brave wife of Safi.     ) 

Before parting with this investigation I have left you with, a top rank officer from the HDFC Bank.  He is the sole classic sample from the HDFC Bank. He is the  "Toxic Generator" inside the HDFC  Bank. Due to ignorance of SEBI and Company Law Administration, the Directors and Company Secretary are taking the benefit of poor reporting on the compliance programmes covered for labour, social and human right issues.  The  Clause 49 of the Listing Agreement SEBI  and Section 134(5)  of Company Act are the reporting area.  

The identified "Toxic Generator", is threat for the healthy organization and breaks the Corporate Governance. This is one sample of the several "Toxic Generators" sitting inside the HDFC Bank. The role  of "Toxic Generators" at work place have impacted in a very negative way.  HDFC Bank employees Safi Khan, Shivam Mehrotra and Sadaf Fatima are no more with us. All HDFC Bank employees. This is not co-incidence. The allegation of Mrs Safi is strong. This should must be investigated.

The "Toxic Practice", breaks the Corporate Governance. This   is intentionally not reported to the SEBI and Company Law Administration. 

This is only the SEBI and National Human Right Commission, which strong  intervention can save thousand of other employees living in hell in the SEBI listed entities. This breaks completely the Sustainable Agenda of 2030 and positive idea of corporate governance as understood in SEBI.    

The SEBI and Company Law Administration both need deep introspection for compulsory Social Impact Assessment  Audit of Compliance Programmes covering Labour, Social, Human Right & Sustainable Practices in business premises. These are the essential pillars  of Corporate Governance. 

In Social Stock Exchange,  the Social Impact Assessment Audit is mandatory. This is good move by the SEBI. Similar arrangement of audit assurance  is needed before  reporting Corporate Governance covering Labour, Social, Human right and Sustainable Practices, under SEBI Listing Agreement Clause 49, "Directors' Responsibility Statement" under the Company Act 2013 and Secretarial Compliance reporting.     

The topmost HDFC Bank officer in sample is abusing his colleagues including one lady employee during an online meeting to meet the heavy target. The top executive is using threatening here to issue "HR Memo" to the employees leading to termination. No need of "Natural Justice", conduct of enquiry or charge sheet under the law.   

One can imagine, what he shall do in face to face meeting in closed room. Physical abuse in such cases are not denied! He breaks the decent work mandate of 2030 Agenda as required under the Sustainable Practice.  He humiliates his subordinates. The way he is abusing, is a case of  "Major Misconduct". This is not "Minor Misconduct". The HDFC Bank needs this "Toxic Generator" as he is giving unexpected business target,  risking human life, human right and sustainable practices. He doesn't know the tool of Training & Development and the method to groom employees. His only tool is abusive language and humiliation to achieve business target. This is one sample,  representing the  common prevailing culture at the identified business entity. Such threat kills the positive intention of the ILO Convention and damages the operational efficiency. Due to fear employees are moving out of the HDFC Bank. The attrition rate is very high. The ugly employment culture is one of the several reasons of the attrition.             

Such people are typical threat for maintaining healthy social environment. They spoil organization and damage motivation of the downside people. They can't be improved even after training. This is the only remedial measure - what HR can use, tough disciplinary action. If tough intervention is not taken, it means, the organization is supporting the toxic work practice. Suspension is just eye wash. This needs strong disciplinary action. One can see in video,  one of the employees with fear biting his nail. Another employee is grim faced. Downside one lady employee is sitting in panic. All such instances generate work related fear, threat to job security and chronic heart related disorder.

The HDFC Bank is "Toxic". The environment is so much toxic that employees are moving out of the HDFC Bank. In the financial year  2022-23, HDFC Bank's attrition rate was 34%. Very high. Some  53,000 employees have quit the HDFC Bank. High employee attrition of more than 25% in private banks have posed operational risk. This is reported clearly in the RBI Report on the "Trend and Progress of Banking in India 2023-24". This operational risk should must be also the worry point of the SEBI.   

The RBI ( Reserve Bank of India ) is worried about the high attrition and employee turnover rate. This has given operational risks, including disruption in customer services besides leading to loss of institutional knowledge and increased recruitment costs. In various interactions with banks the RBI has stressed to manage this threat. This threat shall remain in the HDFC Bank, if root cause is not attended.  It shall never saw the day of healing,    if the HDFC  Bank chooses to file formal  compliance report to the SEBI under Clause 49 Listing Agreement and "Directors Responsibility Statement" under section 134(5) of Companies Act.  

In both the documents the HDFC Bank has said many good words of meeting the "Decent Work" agenda as required under the Labour, Social and Human Right compliances. During the UN General Assembly in September 2015, "Decent Work" and its four pillars  – employment creation, social protection, rights at work, and social dialogue – are essential and  integral elements of the new 2030 Agenda for Sustainable Development. This is now binding in Corporate Governance reporting under the SEBI and Company Law. 

Though SEBI has issued warning letter on Dec 2024 to the HDFC Bank on financial non-compliances. SEBI needs more hard work to meet compliance programmes on important areas of Corporate Governance covering Labour, Social, Human Right and Sustainable Practices.  SEBI has good system. It has already developed in Social Stock Exchange, a strong professional pool of Social Impact Assessment Auditors. This needs only extension and implementation in other SEBI listed and Company Act listed business entities . 

The Labour, Social, Human Right & Sustainable Issues required in Clause 49 of the SEBI Listing Agreement and Directors Responsibility Statement needed  under  Section 134(5) of Companies Act, should must be based on the Social Impact Assessment Audit. As one can see, the spirit of compliances are completely broken here.  The toxic work culture is not reported. This is not mistake. But intentional omission.  

There are three sample  cases. The samples  represent the HDFC Bank is "Toxic". This is Prima-Facie Audit report, based on small samples. Onsite Social Impact Assessment Audit of the HDFC Bank shall reveal many more illness inside this Bank and proper diagnosis can thereafter be given.  

Case of Safi Khan, an employee of HDFC Bank:

"This is not a normal death." 

"Relentless workplace pressure and harassment at HDFC Bank led to sudden death of husband, Safi Khan." Nida Mushir, the wife of Late Safi Khan  has claimed.   

She sheds light on the toxic work culture that contributed to his cardiac arrest, calling for justice for all those who are "forced to suffer in silence." In her emotional message, she shared the devastating loss of her husband - the "family's sole breadwinner" - who collapsed from a sudden cardiac arrest on November 19, 2024.    

Nida Mushir,  is a  professional  trainer, she speaks: 

"Every life matters. I am writing this with a heavy heart and teary eyes but want to raise this as a serious concern". 

"I lost my husband, Safi Khan, the sole breadwinner of our family. A healthy, vibrant man , having no medical history and with over 22 years of banking experience. He collapsed from a sudden cardiac arrest on 19th November 2024. The doctors cited “unknown reasons, but I know what caused it - relentless workplace pressure and harassment".

"This is not a normal death. It is the result of toxic work culture, a system that pushes employees beyond their limits and ignores their cries for help. My husband repeatedly complained about harassment where he was hounded over leaves and other issues by super seniors. He resigned months ago but was convinced to return, only to be subjected to the same suffocating environment. How can an organization ignore the mental and physical health of its employees so blatantly? How can a man with over two decades of experience be so hesitant to share his struggles with senior management ?"

"I am left with two grieving children—aged 10 and 16—and a lifetime of unanswered questions."

"I demand justice—not just for my husband, but for every employee forced to suffer in silence."

"Let us not overlook the heartbreaking pattern of incidents that have unfolded. My friend Sadaf Fatima from the Lucknow office collapsed at work. Another colleague, Shivam Mehrotra in Mumbai, tragically lost his life during a conference call. And then, my husband—succumbed to death while preparing for a client meeting." 

"All of them were between 35 and 45 years of age."

"This cannot be dismissed as coincidence—three consecutive deaths in just three months at HDFC Bank, all while employees were fulfilling their job obligations. This is a dire reflection of the toxic pressures that employees are subjected to".

Case of Sadaf Fatima: 

Sadaf Fatima, a woman who worked for HDFC Bank in Lucknow allegedly passed away from work-related stress a few days.  The victim, Sadaf Fatima, worked at the HDFC Bank's Vibhuti Khand branch in Gomti Nagar as an additional deputy vice-president. According to her coworkers, Fatima passed away in the bank's premises after falling off her chair. Despite being taken to a neighboring hospital immediately, she was pronounced dead and her body was submitted for a postmortem.

The Video Sample from HDFC Bank: 

The video sample is reported on the top. This sample, silences all bogus claims that the HDFC Bank is a "decent place to work". This is a classic sample  of "toxic work environment". The HDFC Bank may deny above two sample cases. But the toxic work culture, as   captured here binds the Indian authorities to think hundred times what the system is missing. Senior Director of the HDFC Bank should must take this responsibility and step down. They have allowed this practice silently. There are several such "Toxic Generators", hidden in the HDFC Banks. They are required to be identified. They need counselling and training. They are mentally sick. If not improving, they should must be removed from the HDFC service.  

Conclusion: 

The SEBI and Company Law Administration both must examine why Independent Social Impact Assessment Audit is not conducted, before reporting   on the Corporate Governance  covering areas under labour, social, human right and sustainable issues under Clause 49 of the Listing Agreement of SEBI, "Director Responsibility Statement" covered under Section 134 (5) of the Companies Act and Secretarial Compliance reporting. The Social Impact Assessment Audit  assurance is needed. This is the need of the hour. The Corporate Governance is not only financial statement. But the Corporate Governance should must address the social need of the employees who are no more with us. They all died as the system failed to capture the compliance programmes covered on Labour, Social, Human Right and 2030 Agenda for Sustainable Development requirement.  

             

Anna, a young Chartered Accountant  died at Pune. She was the victim of Toxic Work Culture. She was complaining to her mother about poor working condition. She died. Her brave mother is fighting the case. Hon'ble Human Right Commission has taken this case. The organization, where Anna worked, operated in Pune in illegal way without proper compliance license as on date of death. There was nothing on Compliance Programmes. This was not in priority in India.     

"Tears for all - hope SEBI shall take your case & protect thousand other employees working in similar poor work culture."