Business · India Bureau
Coforge chairman steps down following audit board evaluation concerns
The chairman of IT services firm Coforge has resigned after an internal audit raised concerns about board evaluation processes. The development marks an unexpected exit for the former State Bank of India chief, who had assumed the role less than three years into his tenure.
LSN India ·
Coforge Limited announced the resignation of its board chairman following findings by an internal audit that identified concerns related to board evaluation procedures. The audit's discovery prompted the chairman's decision to step down from his position, the company said in a regulatory filing.
The departing chairman, a veteran banking executive, had previously served as chief of State Bank of India, India's largest lender by assets. He was appointed to lead Coforge's board in 2024, with his term originally scheduled to conclude in April 2027.
The resignation underscores growing scrutiny of corporate governance practices among India's leading technology and financial services companies. Board evaluation processes have become increasingly important as regulators and institutional investors emphasize transparent and robust governance frameworks across listed enterprises.
Coforge, a mid-sized information technology and business process management services company, has not disclosed details about the specific audit findings or timeline for identifying a replacement chairman. The company said it would work to ensure continuity in its leadership structure during the transition period.
The departure adds to recent changes in senior leadership positions across India's corporate sector, where governance standards and board accountability have come under heightened scrutiny from market regulators and stakeholder groups.