Ajay Mahajan has resigned from the position of Managing Director and Chief Executive Officer of CARE Ratings due to personal reasons.
Mehul Pandya, Executive Director-Business Development, has been appointed as interim CEO with effect from June 1, 2022.
The Board of Directors had, at its meeting on April 26, accepted the resignation, the agency said in an exchange filing.
“Consequently, he shall also cease to be key managerial personnel of the company in terms of Section 203 of the Companies Act, 2013,” the filing added.
Mahajan’s appointment, which took effect from April 15, 2020, was slated for a period of five years. The rating agency’s shareholders had approved his appointment at their previous annual general meeting on September 8, 2020.