On Monday, ICRA Ratings Ltd. has decided to send its managing director and chief executive officer Naresh Takkar on forced leave, pending an inquiry into the “concerns” raised by the Securities and Exchange Board of India.
Action against Takkar has been taken “pending inquiry into the concerns raised in an anonymous representation, that was forwarded to the company by the Securities and Exchange Board of India”, said ICRA, which is majority-owned by Moody’s Investor Services Inc. The action is effective immediately, the statement signed by chairman Arun Duggal said.
A May 9 media report had said ICRA’s top management was being investigated for influencing ‘AAA’ rating on IL&FS and had hired KPMG to look into the allegations.
The IL&FS crisis, that surfaced in September last year, spooked the credit markets immediately, triggering an NBFC liquidity crisis that continues till date.
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