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Coforge says OP Bhatt withheld board evaluation findings
The Hindu BusinessLine··11 Sept
Coforge said on Friday that outgoing chairman OP Bhatt did not share complete board evaluation findings with the board and nomination committee. Reports were available only to Bhatt and NRC chair DK Singh, it told exchanges. A finding that the chairman's category got the lowest rating was not disclosed. Shares fell nearly 9 percent after his September 8 resignation.
Prism
What It Means For You
- Coforge told exchanges that board evaluation reports were withheld from other directors, including independent directors, on Bhatt's instruction.
- The company said the chairman's lowest rating in the evaluation was not disclosed or discussed before the NRC or the board.
- Coforge named independent director Vivek Sharma as interim chairman until January 31, 2027.
What's Happening
- Bhatt, a former SBI chairman, resigned from Coforge's board on September 8 after an internal audit raised concerns about how the evaluation was handled.
- The company said the internal auditor found that presentations by Bhatt and the NRC chair did not cover all relevant findings.
- Bhatt could not be reached for comment. In his resignation letter he said he had acted in good faith.
What The Exchange Filing Says
- The Noida-based IT services firm said the board evaluation covered financial year 25-26 and was distinct from financial reporting.
- Coforge said Advent International, its largest shareholder, had voted against Bhatt's reappointment as an independent director.
- The company said the internal audit remains ongoing as part of its second-quarter audit plan.
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