Coforge Chairman OP Bhatt Quits After Advent Votes Against Reappointment
A major corporate governance shakeup takes Indian technology and finance sectors by surprise. Former State Bank of India chairman and Coforge chairman, OP Bhatt, has resigned from the Information Technology company’s board. OP Bhatt shocked everyone by resigning on September 8, 2026, just days after a series of controversial board evaluations.
A big shareholder, Advent, voted against OP Bhatt at the firm’s annual general meeting (AGM), and that was the principal reason for his exit. The private equity giant’s move effectively scuttled the special resolution required for his reappointment, triggering critical conversations around governance and transparency norms in top-tier Indian companies.
The Catalyst: AGM and Internal Audit
Coforge’s internal audit by KPMG has revealed serious procedural lapses, raising questions about governance and transparency. The audit pointed out that the Board Evaluation Report (BER) was not shared transparently with all the independent directors.
Bhatt was said to be the lowest scorer among them in the board evaluation process, and the key findings were not shared with the entire board.
Bhatt was just over 75 and required a special vote of the shareholders (a 75% majority) to remain employed. But when the Coforge AGM voting results were announced in August 2026, he couldn’t cross the prescribed threshold.
Comparison of the voting results
To get a sense of the exact shareholder sentiment, let’s look at the voting results for key board members at the Coforge AGM:
Resolution | Votes in Favour | Votes Against | Final Result |
Reappointment of CEO Sudhir Singh | 99.87% | 0.12% | Passed |
Reappointment of ED John Speight | 99.87% | 0.12% | Passed |
Reappointment of OP Bhatt | 65.47% | 34.53% | Failed |
How Advent International Helps
Advent International, a private equity firm, took a massive stake in the IT company following the acquisition of Encora Coforge (a $2.4 billion all-stock deal where Encora sellers, including Advent, converted their interests into a ~20% stake in Coforge).
The decisive vote of Advent against the continuation of Bhatt stopped his extension of term. Following the high-profile exit, Coforge has appointed interim chairman Vivek Sharma to lead the board until January 31, 2027.
OP Bhatt's Career at a Glance
Om Prakash Bhatt is a name known in Indian banking and corporate circles. He is most famous for his transformational stint as the Chairman of State Bank of India (SBI) and for guiding the bank through a period of severe global financial turmoil.
He has been an important player in many other industries outside banking and has been on the boards of large companies like Wockhardt in healthcare and Greenko Energy.
His leadership always leads to success in a broad spectrum of companies – from established corporates to vibrant startup cultures. His exit has been a little controversial, but his legacy in shaping India’s finance ecosystem is huge and well respected.”
Frequently Asked Question (FAQ's)
1. Why did O.P. Bhatt quit?
The internal audit review of Coforge has revealed that O.P. Bhatt’s board evaluation report did not disclose low ratings, along with the lack of adequate shareholder votes that led to his resignation.
2. The reason behind Advent's vote against Bhatt
Advent’s objections to OP Bhatt were primarily on corporate governance issues as evidenced by the audit of the board evaluation process. “Advent took a big swing on the Encora deal for Coforge,” he added.
3. Who took over the chairmanship from him?
Post-resignation, Coforge will be under the interim chairmanship of Vivek Sharma till January 2027.
4. What was the August 2026 Coforge AGM vote on his re-appointment?
Coforge AGM voting results, August 2026: The special resolution to reappoint OP Bhatt received 65.47% of favorable votes, short of the 75% requirement.
