“While the lack of disclosures, leading to his resignation, was a surprise, it is not a reflection of the company, the board and its practices,” a Nuvama Research report said. “We also find concerns related to the board functioning and/or influence by private equity firms (Advent) as overdone.” Coforge’s largest shareholder, Advent International, had voted against Bhatt’s reappointment at its annual general meeting in August, prompting his resignation.
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