Coforge Announces Resignation of Chairman, Appoints Interim Chairperson Vivek Sharma
Coforge Limited has announced the immediate resignation of its Non-Executive Independent Director and Chairperson, Mr. O P Bhatt. Furthermore, the Board has designated Mr. Vivek Sharma, a Non-Executive Independent Director, to serve as the interim Chairperson of the company until January 31, 2027.The Board of Directors noted the resignation of Mr. O P Bhatt, effective immediately, and thanked him for his services to the company. Mr. Bhatt also ceases to be a member of the Company's various committees as of the same date. The Board confirmed that there was no other material reason for his resignation beyond what was stated in his email dated September 8, 2026.
The Board determined that the Chairman's resignation followed concerns identified during an internal audit review conducted for Q2 FY26. This review focused on the process and presentation of the Board Evaluation Report (BER) prepared by the Chairman for the Board.
The review highlighted concerns regarding the manner in which the BER had been handled, noting that certain material information pertaining to the BER and the Chairman’s performance had not been fully disclosed to the Board at the time of presentation. The Board subsequently raised these concerns and sought an explanation from the Chairman. While the Chairman responded to the matters raised, stating he had acted in good faith, the Board was still in the process of considering and evaluating his explanation and had not yet taken a final decision. Despite the Chairman stating his good faith actions, he tendered his resignation effective immediately on September 8, 2026.
Mr. O P Bhatt held directorship positions in other listed entities, as detailed below:
| Directorship | Listed Entity | Committee Positions |
|---|---|---|
| Directorship | Wockhardt Limited | Audit Committee, Member; Stakeholders' Relationship Committee, Member; Capital Raising Committee, Member |
Mr. Bhatt, in his resignation email, stated that the matters related to the Board evaluation process and his response to those concerns were the material reasons for his departure. He confirmed that there were no other material reasons for his resignation.
COFORGE Stock Price Movement
As of 10:18 AM, shares of Coforge Limited are shedding ground, slipping 5.38% in live trading to trade at ₹1845. The stock is experiencing significant volume, with 5.24 million shares transacted so far this morning.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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