SB Mainak has resigned as Chairman of CARE Ratings, which could be a fallout of the collapse of Infrastructure Leasing and Financial Services (IL&FS).
While the company said in a regulatory filing that the resignation was “due to personal reasons”, sources said that SEBI is understood to have asked the rating agency for his removal following the IL&FS crisis.
Mainak was earlier the Managing Director of Life Insurance Corporation (LIC) of India and was inducted on the board of CARE Ratings in August 2015.
He is the second executive to have quit the rating agency after the financial mess at IL&FS came to light.
In December last year, Rajesh Mokashi had resigned as Managing Director and CEO of CARE Ratings. He was sent on leave on July 18 pending the completion of the examination of an anonymous complaint received by the Securities and Exchange Board of India (SEBI) and forwarded to the rating agency.
