Moody's Indian arm ICRA terminates MD and Group CEO Naresh Takkar

According to sources, the decision of Takkar's termination follows the findings of an internal inquiry, which was initiated by the agency in May

Rating agency Moody’s Indian arm ICRA on Thursday terminated its Managing Director (MD) and Group Chief Executive Officer (CEO) Naresh Takkar’s (pictured) employment. The rating agency has attributed the unprecedented move to protect interests of the company and its shareholders. 

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. Without disclosing reasons, ICRA informed the stock exchanges on Thursday, “The board, after due consideration