Chairman OP Bhatt hid audit findings from board members, says Coforge
The IT services firm said reports were available only to OP Bhatt and NRC chair DK Singh, while the chairman's lowest rating was not disclosed or discussed with the full board
Coforge has disclosed that board evaluation report findings, including the lowest rating given to its chairman OP Bhatt, were not shared with other board members. According to The Economic Times, an internal audit by KPMG found that Bhatt had suppressed key information. The reports were only available to Bhatt and DK Singh, the Nomination & Remuneration Committee chairman.
The evaluation findings covered a 12-month period and were not disclosed or discussed with the full board, as per Coforge's filing. The company's board evaluation report had given Bhatt the lowest rating in the Chairman's category, but this was not shared with other board members, including independent directors, at Bhatt's instruction.
Bhatt resigned as chairman two days before Coforge made this disclosure. Following the resignation, Coforge's shares recovered after brokerages retained "Buy" calls, saying concerns over Bhatt's resignation were overdone, as reported by The Economic Times.
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