In particular, Coforge said the Chairman's category had received the lowest rating in the evaluation reports. However, this finding was not disclosed or discussed before the NRC or the board by the NRC Chair and the Chairman of the board.
The company clarified that the board evaluation process is separate from its financial reporting and audit processes. It said the matter does not relate to the company's financial statements, accounting policies, revenue or profitability and has no bearing on its financial or operational performance or its business and growth outlook.
Coforge said, "The inclusion of the evaluation reports in the internal audit was only for reviewing the relevant governance processes. " It added that this should not be interpreted as an audit or review of the company's financial statements or financial reporting.
Bhatt had resigned as Chairman recently following concerns identified in the internal audit review over the handling and presentation of the Board Evaluation Report. Coforge has appointed Vivek Sharma, a Non-Executive Independent Director, as interim Chairperson until January 31, 2027.
The company also said its board has continued to work closely, with business strategies and governance decisions being approved unanimously. It cited decisions including the divestment of the AdvantageGo business, exit from the data-centre business, acquisition of Encora, execution of the Sabre contract and the decision to exit the loss-making India Government business.
