Former Shriram Capital Chairman Arun Duggal has been elected as the non-executive chairman of credit rating agency ICRA Limited. Duggal will take over the chair from Pranab Kumar Choudhury, who will resign from ICRA Limited and all other affiliated entities on January 29, 2015.
The board accepted the resignation of Choudhury in its meeting held on December 4, 2014. The board unilaterally elected Duggal as the new non executive chairman of the agency. Currently, Duggal serves as an independent director on the Board of ICRA Ltd.
Commenting on his association, Choudhury said, “ It is an honour to lead ICRA as it has grown and developed , and I am confident that the company will further expand its important role in financial markets”.
Choudhury has been associated with the rating agency for 24 years. “Under Mr. Choudhury’s leadership, ICRA greatly extended its capabilities and expanded the scope of business…” said Naresh Takkar, managing director and CEO of the agency.
Talking about his appointment, Duggal stated, “ I am honoured to be named as the chairman of ICRA and I look forward to leading the Board”.
It should be noted that Duggal had only recently resigned from the Board of Sriram Capital and its other associate companies.