Companies

CARE Ratings MD and CEO Rajesh Mokashi sent on leave

Our Bureau Mumbai | Updated on July 18, 2019 Published on July 18, 2019

Rajesh Mokashi, MD & CEO, CARE Ratings Ltd   -  File photo

Cites anonymous complaint received by the Securities and Exchange Board of India as the reason

The Board of directors of CARE Ratings Ltd on Wednesday decided to place Rajesh Mokashi, Managing Director & CEO, on leave with immediate effect, until further notice, the credit rating agency said in a late evening stock exchange notice.

This move is pending the completion of the examination of anonymous complaint received by the Securities and Exchange Board of India (SEBI) and forwarded to CARE Ratings, the notice added.

The Board of directors has decided to appoint TN Arun Kumar, currently Executive Director (Ratings) as Interim Chief Executive Officer of the company. He will not be part of Rating Operations to ensure independence of ratings.

ICRA

Earlier this month, credit rating agency ICRA informed the stock exchanges that its board of directors placed its Managing Director and Group CEO Naresh Takkar on leave as it looks into an anonymous complaint forwarded by regulator SEBI.

Read also: After ‘complaint’, ICRA asks Takkar to go on leave

“The board of directors of ICRA has, at its meeting today, decided, pending the completion of the examination of the concerns raised in the anonymous representation that was forwarded to the company by the Securities and Exchange Board of India, to place Naresh Takkar on leave, effective immediately, until further notice,” the company said in a filing on July 1, without disclosing the nature of the complaint.

ICRA's board then decided to appoint Vipul Agarwal as interim Chief Operating Officer apart from his role as Group Chief Financial Officer, effective July 1. He will be responsible for ICRA’s ratings and non-ratings businesses.

Meanwhile, CARE Ratings' Board of Directors, on the recommendation of the Nomination and Remuneration Committee, appointed Najib Shah as an Additional Director (Independent). Shah had served asChairman of Central Board of Excise and Customs (CBEC).

Published on July 18, 2019
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