Coforge says independent director resigns over internal tensions
The move comes after the company said Om Prakash Bhatt, who resigned as chairman earlier this week, had withheld from the board a finding that he received a low rating in a board evaluation report.
Independent director DK Singh of IT services firm Coforge has resigned from the board. Singh chaired the company’s nomination and remuneration committee (NRC). This resignation comes only one week after former chairman Om Prakash Bhatt departed the board. Singh's exit comes after allegations were raised that he and Bhatt suppressed material information from the company’s board evaluation report.
KPMG questioned this in an exclusive report. Singh stated that while he believed the transition of the board from private equity leadership to a more independent one was moving in the right direction, it had caused tension between independent and executive directors. He added that the current circumstances may make it difficult for him to effectively fulfill his responsibilities as an independent director.
The board responded, expressing surprise at Singh's allegations, stating they were unfounded. They also clarified that the internal audit findings concerned board evaluation process and were unrelated to the company's financials.
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