For records, I was a credit rating analyst with ICRA from 2002-04. During that period, I had worked extensively with Mr. Naresh Takkar, the then Chief Rating Officer (CRO).

Yesterday, ICRA announced that the Board has decided to send the MD and CEO, Mr Naresh Takkar on leave.

The reason – pending enquiry of the concerns raised in the anonymous representation that was forwarded to the Company by the Securities and Exchange Board of India (SEBI). The anonymous representation relates to the alleged influence of ICRA’s top management on the ratings of IL&FS, which unexpectedly had defaulted on debt repayments in September last year, setting off a liquidity crisis for the nonbanking finance companies (NBFCs).

My reaction then and now is of complete disbelief !

I am also sure that anyone who has worked with Naresh closely will have the same reaction.

My reasons for disbelief:

Naresh is one of the most principled person I have ever worked with. During my stint with ICRA, I always saw him playing by the rule book. He was extremely cautious. I have seen many promoters failing to convince Naresh on their ever bright future prospects.

Naresh is too attached with ICRA to ever risk it for anything. Believe me if Naresh ever wanted, he could have easily got into any organisation and made much more money then he could have ever made at ICRA. He works very hard, is super smart, has supreme intellect and carries wide knowledge.

Naresh is grounded and is not a high-flyer. He keeps to his work and is not over social. You will never see Naresh vying for media space or socialising with corporates.

I am sure you will now appreciate my disbelief.

The purpose of this post is not to doubt the credibility of SEBI or ICRA’s board. They have a procedure to follow and I have no complaints on the same.

My only purpose was to put forth my respect for a person who has been my idol for 15+ years – and he will always remain so. I am sure he will emerge victorious, as always.

AMEN !