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CARE Ratings Limited dumps CEO pending resolution of complaint against him

Posted On: 2019-07-18 08:51:57

The Board of directors of CARE Ratings Limited ("CARE") has at its meeting today, decided, pending the completion of the examination of anonymous complaint received by the Securities and Exchange Board of India ("SEBI") and forwarded to CARE Ratings, to place Mr. Rajesh Mokashi, Managing Director & CEO of CARE, on leave, with immediate effect, until further notice.

The Board of directors of CARE has decided to appoint Mr. T.N. Arun Kumar, currently Executive Director (Ratings) as Interim Chief Executive Officer ("CEO") of the company. He will not be part of Rating Operations to ensure independence of ratings.

The Board of Directors on the recommendation of the Nomination and Remuneration Committee appointed Mr. Najib Shah (DIN: 08120210) as an Additional Director (Independent). Mr. Najib Shah had served as Chairman of Central Board of Excise and Customs (CBEC). Mr. Najib Shah, has not been debarred from holding the office of director by virtue of any SEBI order or any other such authority.

Shares of CARE Ratings Ltd was last trading in BSE at Rs.905.2 as compared to the previous close of Rs. 903.7. The total number of shares traded during the day was 678 in over 180 trades.

The stock hit an intraday high of Rs. 910 and intraday low of 904.3. The net turnover during the day was Rs. 614576.


Source: Equity Bulls

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