Mainak, a former managing director of Life Insurance Corporation, was an independent director and chairman of CARE Ratings.
In December, CARE’s managing director and chief executive officer (MD & CEO) Rajesh Mokashi resigned after a whistleblower complaint alleged management interference in ratings of companies, including IL&FS.
In August 2019, Moody’s India arm ICRA sacked its MD & CEO Naresh Takkar after whistleblower allegations.
Sebi, in December, fined CARE, ICRA and India Ratings Rs 25 lakh each for violating regulations on assigning ratings to non-convertible debentures (NCDs) of IL&FS. Sebi rarely asks companies
to remove top officials but it has a lot of say when it comes to key appointments at market intermediaries such as stock exchanges, depository participants and credit rating agencies.