CARE Ratings MD Rajesh Mokashi resigns, TN Arun Kumar to act as interim CEO

CARE Ratings on Friday said its Managing Director Rajesh Mokashi has tendered his resignation.

Mokashi was sent on leave by the company in July. The order had said that he would be on leave till the company had examined an anonymous complaint against him sent to the Securities and Exchange Board of India (Sebi).

"While the board of CARE Ratings at today's (Friday) meeting have taken on record the said resignation, the same is without prejudice to the ongoing examination of anonymous complaints forwarded to CARE Ratings Ltd and any action, if required to be taken pursuant thereto," the rating agency said in a regulatory filing.

T N Arun Kumar will continue to act as the interim chief executive officer of the company.

It was reported that the complaint on ICRA was about interference by the rating firm's top executives in assigning top investment-grade ratings to Infrastructure Leasing and Financial Services (IL&FS) and its subsidiaries last year.

The government had removed IL&FS' management and took control of the company after the provider of infrastructure financing defaulted on a series of debts.