Coforge shares in focus as Chairman OP Bhatt resigns after internal audit review

Shares of Coforge Ltd are in focus on Wednesday after Om Prakash Bhatt resigned as  an Independent Director and Chairman of the board, following an internal audit review.

In a filing to BSE, Coforge said the review identified certain concerns in relation to the manner in which the Board Evaluation Report (BER) had been dealt with and presented to the board, including 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.

Considering the observations, the board set out its concerns and sought an explanation from the Chairman in relation to the matters identified in the review.

"The Chairman provided his response to the matters raised and the board was in the process of considering and evaluating his explanation and had not taken any final decision in relation to the matters raised with him. While the Chairman stated, that he had acted in good faith, the Chairman tendered his resignation from the Board with immediate effect on September 8, 2026," Coforge said.

Coforge said the board considered it important to clarify that the Chairman's resignation followed the concerns identified in the internal audit review and the subsequent process undertaken by the board to seek and consider his
explanation in relation to those concerns.

In his resignation letter, Bhatt said continuing on the board while there remains a disagreement considering the characteristics of his "good faith actions in the board evaluation process" would not be conducive to the effective functioning of the board. He added that there are "re no other
material reasons for my resignation."

He said: "This is not a decision I have taken lightly. 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. My record will reflect my efforts to maintain an appropriate balance between the interests of shareholders, management and the company."

Vivek Sharma, Non-Executive Independent Director, has been appointed as interim Chairperson of the company till January 31, 2027.