A hidden ratings row sits behind OP Bhatt's shock exit

Mumbai and Bengaluru: A hidden ratings dispute may have caused Coforge's non-executive chairman OP Bhatt to resign unexpectedly, according to sources familiar with the matter. The controversy centers around the April board evaluation findings, which were withheld from other directors, including Bhatt's own ratings. The 75-year-old resigned on September 8, after Coforge disclosed that the board evaluation exercise was handled and presented in a manner that violated legal requirements.

KPMG, the audit firm that investigated, found that only Bhatt and DK Singh had full access to the detailed reports, while the broader board was not fully informed. This breach of regulations led to a significant share price drop of 7% for Coforge. Bhatt, who served on the boards of several blue-chip companies, including Hindustan Unilever, ONGC, and Tata Consultancy Services, is now chairman of Greenko Energy Holdings and an independent director at Wockhardt.