Coforge Ltd Quarterly Results

Coforge expects constant-currency revenue growth of 3-4 per cent sequentially, while its large-deal pipeline is at a record level, according to JM Financial

Coforge CEO Sudhir Singh says IT services firms can bridge the gap between AI adoption and operationalisation as the technology puts pressure on traditional businesses.

Last week, Coforge's Chairman resigned with immediate effect amid concerns raised by an internal audit over the Board's Evaluation Exercise.

Questions remains on why Bhatt, who was also an independent director at Tata Consultancy Services, fell out of favour with the board

In another major boardroom fallout at Coforge, its non-executive independent director and Nomination and Remuneration Committee Chairperson D K Singh has resigned, alleging "differences and tension" between independent and executive directors. The IT services firm, however, refuted Singh's claims as "unfounded" and an "afterthought", saying his resignation followed an internal audit review that flagged governance lapses in how he and former Chairman O P Bhatt handled a board evaluation exercise. The development comes just days after Bhatt abruptly stepped down as Chairman of Coforge following the internal audit's findings that he and Singh withheld crucial board evaluation reports, including the lowest rating assigned to theChairman's category, from other board members. The former State Bank of India chairman had also failed to secure the required 75 per cent special resolution threshold at the company's Annual General Meeting on August 24 for his reappointment as independent ...

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

The resignation followed concerns identified in an internal audit review over the handling and disclosure of information relating to the board evaluation report

n the IT basket, stocks registered declines in the range of 5-9 per cent. Based on the day's low, Coforge emerged as the biggest loser with an 8.7 per cent fall.

Coforge chairman OP Bhatt resigned after an internal ​audit into a board evaluation found concerns, ​including that material information about his own performance not fully disclosed to the board.

Bhatt, who previously served as chairman of India's largest lender, State Bank of India, was appointed chair of Coforge's board in 2024 with a term due to finish in April 2027