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Mainak resigns as CARE Ratings chief after Sebi asks for his removal

S B Mainak has resigned as chairman of Treatment Rankings, the business reported in a stock trade notification just after the marketplace regulator reportedly requested for his elimination.

The Securities and Exchange Board of India (Sebi) nudged the rating agency just after a forensic report reported Mainak experienced requested his personnel to not improve the scores of Infrastructure Leasing and Fiscal Solutions (IL&FS), the bankrupt shadow banker, the Financial Situations documented on Thursday.

Consultancy company EY earlier this week gave Sebi a report recording employee statements, WhatsApp messages and phone recordings of Treatment staff.

Mainak, a previous controlling director of Life Insurance policies Company, was an unbiased director and chairman of Treatment Rankings. In December, CARE’s controlling director and chief government officer (MD & CEO) Rajesh Mokashi resigned just after a whistleblower complaint alleged administration interference in scores of firms, such as IL&FS.

In August 2019, Moody’s India arm ICRA

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