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Last Updated : Aug 29, 2019 10:20 PM IST | Source: Moneycontrol.com

ICRA terminates employment of MD and CEO Naresh Takkar

No reason was mentioned for the termination of Takkar’s employment.

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Ratings agency ICRA, on August 29, has announced that the employment of its Managing Director and Group CEO Naresh Takkar has been terminated, effective immediately.

According to a release filed with the exchanges, the company’s board of directors also stated that they will commence a search for a replacement. No reason was mentioned for the termination of Takkar’s employment.

The release also stated that Vipul Agarwal, who was appointed interim COO on July 1, 2019, remains responsible for the day-to-day operation of the company until a new CEO has been appointed.

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According to reports, Takkar was sent on forced leave in July following a review by the rating agency pending an enquiry into the "concerns" raised by the capital markets watchdog SEBI.

Takkar's forced leave in July was seen as an unprecedented step, a first in the industry, which occurred at a time when the rating agencies were under a cloud following the IL&FS debacle.

The infra lender was enjoying top ratings right till the time of its first default in late August last year.

Earlier in May, there were reports that the ICRA brass was being probed for influencing the 'AAA' rating on IL&FS and had hired KPMG to look into the allegations.

Takkar had been at the helm of ICRA for long and was also recently appointed by the Reserve Bank as a member of its committee on the development of housing finance securitisation market, which is chaired by Bain & Co's Harsh Vardhan.

(With inputs from PTI)

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First Published on Aug 29, 2019 09:58 pm
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