Coforge Chairman OP Bhatt Steps Down Following Board Evaluation Audit

Coforge Limited's share price tumbled 9% on Tuesday after the company announced the resignation of Chairman OP Bhatt. The departure comes in the wake of an internal audit examining the firm's board evaluation process, which identified several governance concerns. According to regulatory filings, the audit flagged issues related to incomplete disclosure of material information regarding the chairman's own performance assessment to the board.

The board evaluation audit, conducted as part of standard corporate governance protocols, revealed that certain findings were not fully communicated to all board members as required. The omissions related specifically to performance metrics and assessments of Bhatt's leadership, raising transparency questions within the company's highest decision-making body.

Bhatt's resignation represents a significant management change for the Pune-headquartered IT services and digital transformation company. The firm, which counts clients across financial services, healthcare, and technology sectors, did not immediately announce a successor or interim leadership arrangement.

The development underscores ongoing scrutiny around board governance and disclosure practices in India's IT sector. Coforge has not provided additional details regarding the specific nature of the audit findings or timeline for appointing replacement leadership. The company is expected to issue a detailed statement outlining succession plans in the coming days.