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Informist, Friday, Sept. 11, 2026

 

--Coforge independent director, nomination committee chair DK Singh resigns 

--Coforge interim Chair Vivek Sharma to lead search for independent directors 

--Coforge interim Chair Vivek Sharma to oversee process of electing new Chair 

--DK Singh points to differences in Coforge board in resignation letter 

 

MUMBAI – Coforge Ltd.'s non-executive independent director DK Singh, chairperson of the nomination and remuneration committee, resigned Friday. Company chairman O.P. Bhatt had resigned Tuesday after the internal auditor found issues with a board evaluation report that was prepared under his guidance.

 

In his resignation letter, Singh said the transition from a private equity-led board to a more independent board had created "differences and tensions" between the company's independent directors and executive directors. "...Following the unfortunate events of the past several weeks and resignation of the Chairman - Mr. OP Bhatt early this week, I believe this is the appropriate decision for me at this time," he wrote.

 

Coforge's internal auditor found that the board evaluation report available to Bhatt and nomination and remuneration committee chairman Singh were not shared with other board members. This was found while evaluating how the board evaluation reports were circulated, presented, and discussed before the nomination and remuneration committee and the chairman. The internal audit is still underway, the company said. 

 

The auditor observed that the manner in which the evaluation findings were presented by Bhatt and Singh did not cover all relevant aspects and findings. "In particular, while the chairman's category received the lowest rating in the reports, this finding was not disclosed or discussed before the NRC (nomination and remuneration committee) or the board by the NRC chair and the chairman of the board," according to the company's filing.

 

"The Board considers it important to clarify that the NRC Chair'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 from both the Chairman of the Board and the NRC Chair," Coforge said. 

 

The company said interim Chairman Vivek Sharma will lead the search for additional independent directors for the board as well as oversee the process of electing the new chairman. Both existing and newly appointed directors will be considered for the role of chairman, Coforge said. It also appointed non-executive independent Director Beth Boucher as chairperson of the nomination and remuneration committee.

 

For the June quarter, Coforge had reported a consolidated net profit of INR 5.19 billion on revenues of INR 55.28 billion. Friday, its shares closed at INR 1,846.50 on the National Stock Exchange, up 0.7% from Thursday.  End 

 

Reported by Arya S. Biju

Edited by Rajeev Pai

 

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