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43 days to resignation: Inside Coforge drama
12 Sep
Summary
- Chairman O.P. Bhatt resigned abruptly after 43 days.
- Largest shareholder opposed his continuation due to age.
- Internal audit flagged gaps in board evaluation sharing.
O.P. Bhatt's tenure as Coforge chairman concluded unexpectedly after just 43 days, concluding a 27-month stint. The resignation followed a series of rapid developments that began on July 27, 2026, when the nomination and remuneration committee (NRC) initially approved Bhatt's continuation. However, Advent International, Coforge's largest shareholder with a 21.18% stake, expressed reservations about Bhatt continuing until 2032 due to his age.
Further complicating matters, in early August 2026, the internal auditor KPMG identified irregularities in the board evaluation process for the fiscal year ended March 2026. KPMG's preliminary findings, shared around August 21, 2026, indicated that Bhatt had received the lowest rating among board members, and this finding was allegedly not fully disclosed. This led Advent to vote against his term extension.
Following a request for an explanation, Bhatt submitted his resignation around 3 am on September 8, 2026, citing disagreements regarding the board evaluation process. Independent governance expert Sharmila Gopinath suggested Bhatt should have been given more time to respond, though he should not have received a second term if irregularities were confirmed.
Shortly after Bhatt's resignation, NRC chair D.K. Singh also resigned on September 10, 2026, citing transition issues and board tensions. Coforge, however, described allegations of board friction as unfounded.
