Icra terminates employment of MD and CEO Naresh Takkar

Shares of ICRA, the Indian arm of global rating agency Moody's, declined around 5 per cent on the BSE in the intra-day trade on Friday after the company terminated its Managing Director (MD) and Group Chief Executive Officer (CEO) Naresh Takkar’s employment. The rating agency has attributed the unprecedented move to protect interests of the company and its shareholders.

According to the company, “ICRA remains committed to ensuring independence and integrity of its ratings process and sound corporate governance.”

Takkar had been on indefinite leave since July pending an inquiry by the Securities and Exchange Board of India (Sebi) after a whistle-blower alleged interference by top executives of the rating agency in issuing good ratings to Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries.