Naresh Takkar, the former chief executive officer and managing director of rating agency ICRA, who was sacked in August, has written to the board of the company stating that it is unfair and illegal to single him out for any kind of collective failure.
Regulatory probe
Amid a regulatory probe into alleged interference by its officials to ensure good rating to troubled infrastructure financing companyIL&FS, the rating agency had first sent Mr. Takkar on compulsory leave in July before being terminated in August. “It would be grossly incorrect and unfair, indeed illegal, if I am singled out and solely held responsible for any collective failure,” Mr. Takkar said in the letter filed under Section 169 of the Companies Act, 2013, which entitles him to make a representation to all the shareholders of the company.
He further highlighted that the rating agency, since inception, institutionalised checks and balances and all its rating decisions were assigned by rating committees, wherein each member of the committee had an equal vote with a right to record dissent and without any veto right.
