Icra terminates employment of MD and CEO Naresh Takkar

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Published: August 30, 2019 4:29:09 AM

On July 1, Icra’s board of directors had 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 (Sebi), to place Naresh Takkar on leave, effective immediately, until further notice.

Icra, Naresh Takkar, ICRA Limited, Vipul Agarwal, Group CEO of ICRA, BSE, ICRA equity sharesVipul Agarwal, who was appointed interim COO on July 1, 2019, remains responsible for the day-to-day operation of the company until a CEO is appointed. Takkar was on leave since July 1, 2019 pending an inquiry.

Rating agency ICRA on Thursday terminated the employment of Naresh Takkar, CEO and MD of the company. Vipul Agarwal, who was appointed interim COO on July 1, 2019, remains responsible for the day-to-day operation of the company until a CEO is appointed. Takkar was on leave since July 1, 2019 pending an inquiry.

On July 1, Icra’s board of directors had 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 (Sebi), to place Naresh Takkar on leave, effective immediately, until further notice. On Thursday, Icra in the exchange filing said, “The Board of Directors of ICRA Limited, at a meeting today, after due consideration and taking into account the best interests of the Company and its various stakeholders, has decided to terminate the employment of Naresh Takkar as Managing Director and Group CEO of ICRA, effective immediately. The ICRA Board will commence a search for a replacement.” It also added that Icra remains committed to ensuring the independence and integrity of its ratings process and sound corporate governance.

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The rating agency on May 9, 2019 had stated that market regulator had initiated adjudication proceedings related to credit rating assigned to one its customers and its subsidiaries. It was related to anonymous representation that was forwarded to the company by Sebi. The board of directors had appointed external experts to look into related matters. According to media reports, the regulator had initiated action against the credit rating agency for their role in the IL&FS crisis. Icra is one of the credit rating agencies in India that offers, through its subsidiaries, rating services in Nepal and Sri Lanka. It also offers outsourcing, information and consulting services through its subsidiaries. ICRA’s equity shares are listed on the BSE and the NSE. The Moody’s Group holds 51.87% in Icra.

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