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The board of directors of rating agency ICRA has ousted Naresh Takkar as Managing Director and Group CEO of the company.
The decision, which was taken “after due consideration and taking into account the best interests of the company and its various stakeholders” is effective immediately, ICRA said in a regulatory filing after the meeting of its board on Thursday. “The ICRA board will commence a search for a replacement,” the company said, adding that Vipul Agarwal, who was appointed Interim COO on July 1, 2019, remains responsible for the day-to-day operations of the company until a CEO is appointed.
The move comes after the role of some rating agencies came under the scanner following massive defaults by IL&FS. The board of the rating agency had placed Takkar on leave in July to look into an anonymous complaint sent to market regulator SEBI.
The board of CARE Ratings had also placed its Managing Director and CEO Rajesh Mokashi on leave, in July.
A special audit by Grant Thornton India LLP, which was appointed by IL&FS’ audit committee, found that along with offering incentives to rating agencies, the IL&FS Group also misled them.
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