SEBI orders Manilak to expel Care Ratings chairman

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Mumbai, Ta. 13 February 2020, Thursday

The Capital Market Director, Board of Securities and Exchequer (Securities) granted the dismissal of Credit Rating Agency Care Ratings Chairman SB Minnak in the role of rating agencies in defaulting on Infrastructure Leasing and Financial Services (IL&FS). In a forensic report, the chairman of the Care Ratings told its staff that it had instructed its staff to maintain IL&FS ratings and in some cases not to make changes to the assessments.

Former Managing Director of Life Insurance Corporation of India SB Minnak was the Chairman and Independent Director of Care Ratings. Who joined the board of care ratings on August 5th. Along with this, it is learned that Maineak has resigned from the Board of Care Ratings for personal reasons.

Sebi received a forensic audit report on February 7. Which was launched following a whistleblower complaint. This forensic report was prepared by Ernest & Yong, which verified calls, WhatsApp messages and emails and recorded statements of staff members.

The audit report includes the chairman and former MD. And CEO Rajesh Mokashi's involvement came out. Last July, Mokashi was forced to leave on leave. Five months later, he resigned from the company.

Sebi asked the board to take action against the care rating chairman, former MD and CEO, as well as all staff members associated with IL&FS Debt Ratings.

In addition, Sebi is said to have told the board to withhold all benefits, including the bonuses of Mokashi. Meanwhile forensic reports on other rating agencies are expected soon.


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