IL&FS fallout? After ICRA, Care rating CEO sent on leave

Last Updated: Thu, Jul 18, 2019 11:00 hrs
A logo of IL&FS (Infrastructure Leasing and Financial Services Ltd.) is seen on a building at its headquarters in Mumbai

Mumbai: Care Ratings on Wednesday said the company's board of directors has decided to send Rajesh Mokashi, Managing Director & CEO of CARE, on leave, with immediate effect, until further notice.

The Care's is the second rating agency head after ICRA's who has been sent on "leave" after an anonymous complaint to SEBI, the market regulator, alleged that there were lapses in its rating mechanism.

Several rating agencies had given high ratings to IL&FS when the ground reality of the company was different.

"The board of directors of CARE Ratings Limited has at its meeting today decided, pending the completion of the examination of anonymous complaint received by SEBI to place Mr Rajesh Mokashi, Managing Director & CEO of CARE, on leave, with immediate effect, until further notice," the statement said.

The company said the board of directors of CARE has decided to appoint T.N. Arun Kumar, currently Executive Director (Ratings), as Interim Chief Executive Officer of the company.