NEW DELHI – Om Prakash Bhatt has stepped down as an Independent Director and Chairman of Coforge Ltd., effective September 8, 2026. His resignation follows an internal audit review that identified significant concerns regarding the company's Board Evaluation Report (BER).
Audit Uncovers Disclosure Issues
According to a filing by Coforge, the internal audit review highlighted specific issues with how the BER was managed and presented to the board. Critically, the review found that "certain material information contained in or relating to the BER and the performance of the Chairman had not been fully disclosed to the board when the BER was presented."
In response to these findings, the board sought an explanation from Bhatt regarding the identified matters. While the board was in the process of evaluating his response and had not reached a final decision, Bhatt tendered his immediate resignation.
Bhatt Cites Disagreement, Good Faith Actions
In his resignation letter, Bhatt stated that he had acted in good faith during the board evaluation process. However, he concluded that continuing on the board amidst a disagreement over his actions would not be conducive to the board's effective functioning. He clarified that there were "no other material reasons" for his decision to resign.
Bhatt emphasized his commitment to the company during his tenure, stating, "I have served the company as an Independent Director and Chairman with a strong sense of responsibility and have always sought to discharge my duties independently, objectively and in the best interests of the Company and all its shareholders."
Interim Leadership Appointed
Following Bhatt's departure, Coforge has appointed Vivek Sharma, a Non-Executive Independent Director, as the interim Chairperson. Sharma will serve in this role until January 31, 2027, as the company navigates this leadership transition.
Coforge underscored that Bhatt's resignation was a direct consequence of the concerns raised by the internal audit review and the subsequent board process to address these issues.