Prime Database figures put independent-director resignations at Indian listed companies at 668 in FY26, a five-year high, while Mint reports more company inquiries about board governance.
The totals were 564 in FY25 and 530 in FY24. The figures track departures among independent directors, who are required to make up at least one-third of the board at each listed public company under India's Companies Act, 2013.
Schedule IV of the law allows independent directors to seek professional advice at the company's expense. It also says unresolved concerns about company operations or proposed actions should be recorded in board minutes.
Raheel Patel, a partner at Gandhi Law Associates, told Mint that more companies had asked over the past year about board composition, director disagreement and the limits of board discretion. “Companies want to know what the law requires,” Patel said. Mint also reported questions about related-party transactions, audit observations, disclosure obligations and director pay.
At Rashi Peripherals, independent director Anil Khandelwal resigned effective Aug. 24, 2026. In his letter, Khandelwal questioned the Nomination and Remuneration Committee’s role and said firms linked to two independent directors had done professional work connected with a proposed acquisition. He alleged the engagements were not disclosed at the relevant board meeting and the directors did not recuse themselves.
Rashi disputed that account, saying the directors disclosed their interests and the board knew about the firms' work, which the company described as arm's length. It said the board approved the acquisition unanimously on June 23, 2026, after considering two independent valuation reports.
Coforge's Sept. 11 filing recorded the immediate resignation of independent director and Nomination and Remuneration Committee chair D K Singh. In an email the previous day, Singh cited differences between independent and executive directors. The filing said an internal audit found that the board chairman and committee chair received board-evaluation reports, and that the board and committee did not discuss the chairman's lowest rating. Coforge called Singh's account of tension unfounded.
At KRBL, independent director Anil Kumar Chaudhary resigned effective Sept. 8, 2025, citing concerns about board minutes, information shared with directors and deliberations on some decisions.
Coforge said interim chair Vivek Sharma would coordinate recruitment of additional independent directors and oversee selection of a new chair until Jan. 31, 2027.
