1 hr ago
Coforge says OP Bhatt received lowest board evaluation rating
Coforge evaluates its directors and Board members each year.
The company said OP Bhatt received the lowest rating in the latest evaluation.
Bhatt had been Coforge’s Chairman and resigned from the position effective September 9.
Coforge said the rating was not shared with the full Board or the Nomination and Remuneration Committee.
The reports were available only to two people, according to the company.
An internal auditor examined how the reports were shared and discussed.
The company said the review was about governance procedures, not money or financial results.
Coforge also said the issue does not affect its business performance or growth outlook.
Coforge said former Chairman OP Bhatt received the lowest rating in the Board evaluation process.
The finding was not disclosed or discussed with the Nomination and Remuneration Committee or the Board.
Relevant evaluation reports were available only to the NRC Chair and Board Chairman, Coforge said.
Bhatt resigned as Coforge’s non-executive independent director and Chairman effective September 9.
Coforge said the review concerned governance processes and had no bearing on financial or operational performance.
- Who
- Coforge, former Chairman OP Bhatt, the Board, the Nomination and Remuneration Committee, and the internal auditor KPMG Assurance and Consulting Services LLP.
- What
- Coforge said Bhatt received the lowest Board evaluation rating and that the finding was not shared with the full Board or NRC.
- Where
- The matter concerns Coforge, a Gurugram-registered company operating in 33 countries.
- When
- The disclosure was made Friday; Bhatt resigned effective September 9, after submitting his resignation email on September 8.
- Why
- An internal audit reviewed how Board evaluation reports and findings were circulated, presented, and discussed.
Key facts
- Board evaluation result
- Coforge said OP Bhatt received the lowest rating.
- Resignation
- Bhatt resigned as non-executive independent director and Chairman effective September 9.
- Report access
- The relevant reports were available to the NRC Chair and Board Chairman but not other Board members, including independent directors.
- Internal auditor
- KPMG Assurance and Consulting Services LLP.
- Evaluation period
- The Board evaluation exercise covered FY25-26.
- Audit scope
- The internal audit reviewed the accuracy and completeness of Board reporting and related governance processes.
- Financial impact
- Coforge said the matter does not concern financial statements, accounting policies, revenue, profitability, or operational performance.
Quotes
Coforge Ltd
The company, speaking through its regulatory filing
“The relevant reports were available to the NRC Chair and the Chairman of the Board alone but were not made available to other members of the Board, including the independent directors, at the instruction of the Chairman of the Board.”
indianexpress.com
“The Board evaluation process is entirely distinct from the company’s financial reporting and audit processes.”
indianexpress.com
Sources
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