Om Prakash Bhatt, former chairman of the State Bank of India, resigned as chairman of IT services firm Coforge on September 8 following an internal audit into the company's board evaluation process, according to livemint.com. The resignation came amid concerns flagged by the audit regarding undisclosed information related to Bhatt's performance.
Coforge announced Bhatt's resignation on Wednesday after the internal audit reviewed the board's evaluation procedures. The company did not specify the exact nature of the information about Bhatt's performance that had not been disclosed to the board. The audit prompted the board to take action to maintain governance standards within the firm, as reported by livemint.com.
This development highlights growing scrutiny over corporate governance in India's IT sector, where board oversight and transparency have become focal points. Coforge, a notable player in the IT services space, joins other firms facing increased pressure to uphold rigorous governance practices. Bhatt's departure follows his tenure as SBI chairman, underscoring the significance of leadership accountability in large Indian corporations.
Coforge's board evaluation process and governance framework are expected to undergo further review following Bhatt's resignation, as the company aims to strengthen oversight mechanisms. The firm disclosed the resignation on September 8, marking a key governance event for investors and stakeholders, according to livemint.com.