N Sivaraman has been appointed as new Managing Director and Group Chief Executive Officer of India’s rating agency Icra.
The development comes more than a year after its previous head was forced to proceed on leave.
Sivaraman, who has spent over 34 years with engineering major L&T, will drive the agency’s business strategy and innovation, build organisational capabilities, strengthen objectivity of ratings, Icra said.
Last July, Icra board asked its then Managing Director and Group Chief Executive Naresh Takkar to go on leave till the completion of an enquiry against him after an anonymous complaint was sent to markets regulator Sebi. It was alleged that there were malpractices in the rating of IL&FS where financial troubles came to light in late 2018.
The agency had then named Chief Financial Officer Vipul Agarwal as the interim Chief Operating Officer.
“Sivaraman’s proven track record of functional and business leadership will benefit the agency,” Icra’s Non-Executive Chairman Arun Duggal said, adding that Sivaraman will join the company on August 10.
During his 34-years at L&T, Sivaraman held senior positions, including that of President and Whole Time Director of L&T Finance Holdings. “The board today, decided, pending the completion of the examination of the concerns raised in the anonymous representation that was forwarded to the company by the Sebi, to place Naresh Takkar on leave, effective immediately, until further notice,” Icra had said on July 1, 2019.