Mumbai: Credit rating agency Icra Ltd, the local affiliate of Moody’s Investors Service, on Monday said it has sent its managing director and chief executive Naresh Takkar on leave, pending an enquiry into “anonymous" allegations against the executive. “Pending the completion of the examination of the concerns raised in the anonymous representation that was forwarded to the company by Sebi, the board decided to place Naresh Takkar on leave, effective immediately," Icra said in a regulatory filing. “The complaint was sent to Sebi, which has already initiated adjudication proceedings against the rating agency and its CEO. Sebi had also forwarded this complaint to Icra to examine the allegations," said the first of the two people cited earlier. Credit rating agencies had downgraded the bonds from high investment grade (AA+ in some cases) to default or junk.

Source: Mint July 01, 2019 14:01 UTC