There was an anonymous complaint, which alleged that there were lapses when Icra assigned a high rating of AAA to IL&FS last year (Photo: Aniruddha Chowdhury/Mint)
There was an anonymous complaint, which alleged that there were lapses when Icra assigned a high rating of AAA to IL&FS last year (Photo: Aniruddha Chowdhury/Mint)

IL&FS fallout? Icra terminates employment of CEO Naresh Takkar

  • Vipul Agarwal, the interim COO, will be responsible for the day-to-day operations of the company until a CEO is appointed
  • The company said Takkar's employment was terminated after 'due consideration and taking into account the best interests of the company'

New Delhi: Credit rating agency Icra on Thursday terminated employment of MD and CEO Naresh Takkar.

Vipul Agarwal, the interim COO, will be responsible for the day-to-day operations of the company until a CEO is appointed.

The company said Takkar's employment was terminated after "due consideration and taking into account the best interests of the company".

Icra said it "remains committed to ensuring the independence and integrity of its ratings process and sound corporate governance".

Icra, the local affiliate of Moody’s Investors Service, sent Takkar on forced leave last month.

Mint reported then that two people with direct knowledge of the matter said the step was taken following an anonymous complaint, which alleged that there were lapses when Icra assigned a high rating of AAA to IL&FS last year.

Last September, IL&FS defaulted on its debt payments, triggering a liquidity crisis in the financial services market.

Icra, in its earnings statement on 9 May, had told exchanges that based on Sebi’s reference, the rating firm was in the process of addressing the concerns raised in the anonymous complaint.

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