For records, I was a credit rating analyst with ICRA from 2002-04. During that period, I had worked extensively with Mr. Naresh Takkar, the then Chief Rating Officer (CRO).
Yesterday, ICRA announced that the Board has decided to send the MD and CEO, Mr Naresh Takkar on leave.
The reason – pending enquiry of the concerns raised in the anonymous representation that was forwarded to the Company by the Securities and Exchange Board of India (SEBI). The anonymous representation relates to the alleged influence of ICRA’s top management on the ratings of IL&FS, which unexpectedly had defaulted on debt repayments in September last year, setting off a liquidity crisis for the nonbanking finance companies (NBFCs).
My reaction then and now is of complete disbelief !
I am also sure that anyone who has worked with Naresh closely will have the same reaction.
My reasons for disbelief:
I am sure you will now appreciate my disbelief.
The purpose of this post is not to doubt the credibility of SEBI or ICRA’s board. They have a procedure to follow and I have no complaints on the same.
My only purpose was to put forth my respect for a person who has been my idol for 15+ years – and he will always remain so. I am sure he will emerge victorious, as always.