IT services company Coforge announced on Wednesday that its chairman, Om Prakash Bhatt, has resigned following an internal audit of the board of directors' performance evaluation, which uncovered several issues. Among these problems was that important information about his own work was not fully disclosed to the board of directors.
Bhatt previously served as the chairman of India's largest lender, the State Bank of India. He was appointed as the head of the Coforge board of directors in 2024, with his term set to end in April 2027.
The audit of the board of directors' evaluation process and the resulting report, which took place under Bhatt's leadership, revealed concerns regarding how this report 'was processed and presented to the board of directors,' the company stated.
The board of directors expressed its remarks to Bhatt, and while he was assessing his response, Bhatt submitted his resignation on September 8. The company did not provide details on the specific type of information regarding Bhatt's work that was not disclosed to the board of directors.
In his letter of resignation, which was included in regulatory filings, Bhatt stated that he acted in good faith. In the letter, he wrote: 'I believe that continuing to serve on the Board given the disagreements, considering the nature of my diligent actions during the Board's evaluation process, would not contribute to the effective functioning of the Board.'
Coforge has appointed Vivek Sharma, an independent non-executive director, as interim chairman until January 31, 2027.
