Money & Banking

Ajay Mahajan appointed MD & CEO of CARE Ratings

Our Bureau Mumbai | Updated on April 15, 2020 Published on April 15, 2020

CARE Ratings, on Wednesday, said Ajay Mahajan has been appointed as Managing Director and Chief Executive Officer of the company for five years from April 15. The board of directors of the credit rating agency, at its meeting on Wednesday, made the appointment, based on the recommendation of the Nomination and Remuneration Committee of the Board.

Mahajan started his career with Bank of America in 1990 and went on to become the MD and Country Head of Global Markets Group. Thereafter, he was part of the management team atYES Bank in 2004, built UBS’ maiden branch in India in 2008, and then worked with IDFC, which converted from an infrastructure financing NBFC to a full-service commercial bank.

Following the appointment of MD and CEO, the agency, in a regulatory filing, said TN Arun Kumar, the interim CEO of the company, will revert to his previous position of Chief Ratings Officer and oversee the functions of ratings operations.

In February 2020, the credit rating agency informed the exchanges that due to personal reasons, its Chairman and Independent Director, SB Mainak, has tendered his resignation with effect from February 11.

On February 14, CARE Ratings said its board, as advised by SEBI, vide its letter dated 12th February, decided to institute an inquiry in the matter of interference by the agency’s officials, including the erstwhile Chairman and the erstwhile MD and CEO in the rating process in the last three years.

At the aforementioned meeting, the board considered the report of “the forensic audit” and decided to terminate the employment of Rajesh Mokashi as MD and CEO of CARE Ratings Ltd, with effect from the date he was placed on leave – July 16, 2019 – as per the company’s regulatory filing.

Published on April 15, 2020

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.