Credit rating agency CARE said it has sent it's managing director and chief executive Rajesh Mokashi on leave, pending completion of the examination of an anonymous complaint received by the Securities and Exchange Board of India (SEBI). Arun Kumar, currently executive director (Ratings) as interim chief executive officer ("CEO") of the company. He will not be part of rating operations to ensure independence of ratings," said CARE in stock exchange filing late Wednesday evening. Earlier this month, credit rating agency Icra Ltd, the local affiliate of Moody’s Investors Service, had sent its managing director and chief executive Naresh Takkar on leave, pending an enquiry into "anonymous" allegations against the executive. The complainant had alleged that Icra’s top brass had meddled in assigning high ratings to IL&FS and its subsidiaries.

Source: Mint July 17, 2019 19:03 UTC