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Ajay Mahajan will be relieved from the services as the managing director and chief executive officer of the company effective from the close of business hours on 31 May 2022, CARE Ratings said in a statement on Tuesday.
The board has decided to appoint Mehul Pandya, executive director - business development as interim chief executive officer of the company with effect from 1 June 2022.
Mahajan was appointed as MD and CEO of CARE Ratings for five years from 15 April 2020.
CARE Ratings is one of the leading credit rating agencies in India. It covers many rating segments including manufacturing, infrastructure, financial sector including banks, non-financial services, among others.
CARE Ratings' consolidated net profit fell 21.90% to Rs 14.55 crore on 1.19% decrease in total income to Rs 62.96 crore in Q3 December 2021 over Q3 December 2020.
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