Governance Audit Forces Exit of Coforge Chairman
What Happened
Coforge Chairman O.P. Bhatt resigned with immediate effect after an internal audit identified concerns in the company's board evaluation process. The audit found gaps in how the Board Evaluation Report was handled and presented, including allegations that certain material information, including aspects related to the chairman's performance evaluation, was not fully disclosed to the board. The board had sought Bhatt's explanation and was reviewing it when he resigned on September 8.
Key Takeaways
The resignation has put a spotlight on corporate governance and board oversight practices at Coforge. The company has appointed Vivek Sharma as interim chairman until January 2027, while investors reacted negatively, sending the stock down sharply in early trade.