The Board of Directors of ICRA at its meeting on 04 December 2014 accepted the resignation of Choudhury. The Board has elected Arun Duggal as non-executive Chairman of the Company, effective upon Choudhury's resignation. Duggal is currently an Independent Director of ICRA.

Further the Company has informed that, the Board of Directors of ICRA also approved appointment of Radhika Vijay Haribhakti as an Additional Director under the category "Independent Director" with effect from 04 December 2014.