Internal Audit Raises Board Concerns
New Delhi, September 9, 2026: IT services company Coforge said its Chairperson and Independent Director O P Bhatt has resigned with immediate effect following concerns raised by an internal audit regarding the handling and presentation of a Board Evaluation Report.
The company said its internal auditor reviewed the process followed for the board evaluation exercise conducted in March-April 2026 for the previous year. The review examined the preparation and presentation of the resulting Board Evaluation Report under Bhatt’s guidance.
According to Coforge, the audit identified concerns regarding how the report had been dealt with and presented to the board. Certain material information contained in or related to the report, including information concerning the performance of the chairman, was not fully disclosed to the board when the report was presented.
Following the audit observations, the board raised concerns and sought an explanation from Bhatt. He responded to the issues, and the board was evaluating his explanation when he tendered his resignation on September 8, 2026.
Bhatt, a former chairman of SBI, maintained that he had acted in good faith. Following his resignation, he also ceased to be a member of Coforge’s board committees.
Coforge clarified that the board evaluation exercise does not relate to the company’s financial statements or financial matters. The company also said the issue has no bearing on its operations or near-, mid- or long-term business performance guidance.
The board has designated Non-Executive Independent Director Vivek Sharma as interim Chairperson until January 31, 2027.
Coforge’s stock declined 4.52% to ₹1,861 on the BSE.
