Coforge's Independent Director and Nomination and Remuneration Committee (NRC) Chairperson DK Singh has stepped down from his position with immediate effect, the IT company informed the exchanges on Friday, September 11.
The development comes after a KPMG internal audit revealed misrepresentation and omission of former Chairman O.P. Bhatt's performance scores from the board.The audit found that Bhatt's evaluation scores were sent to D K Singh, Chairman of the Nomination and Remuneration Committee (NRC), but were never shared with the full board.
As the performance reports were available with the Chairman and the NRC Chair the Board members including the Independent Directors, sought explanations from only two directors- OP Bhatt and DK Singh, Coforge said.
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"At the outset, the Board including the independent Directors are surprised with the allegation that there were differences and tension between the Independent Directors and the Executive Directors. The allegation is unfounded and more pertinently appears as an afterthought," the filing read.
Prior to the internal audit observation, DK Singh had accepted a five-year second term with the board starting in February 2026 after completion of his first term of two years.
In his resignation letter submitted on Thursday, September 10, Singh said, "While I welcome constructive debate and different viewpoints, I believe the current circumstances may make it increasingly difficult for me to effectively fulfill my responsibilities as an independent director and, most importantly, to exercise the independent judgment I believe is necessary to act in the best interests of the company and all of its shareholder."
Earlier, Coforge Chairman O P Bhatt has resigned from the company's board after concerns were raised by the internal audit.
The company has designated Vivek Sharma, a Non-Executive Independent Director, as interim Chairperson until January 31, 2027, who will lead the search for adding additional independent directors to the board.
Additionally, Coforge Board has reconstituted NRC and Stakeholders' Relationship Committee (SRC) and has designated Beth Boucher, Non-Executive Independent Director, as the Chairperson of the NRC.
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