Vikram Akula to quit SKS Board? Hyderabad, Nov 22 (INN): The Board of Directors of SKS Microfinance is meeting tomorrow in Mumbai to consider among other things, the likely resignation of the company's founder chairman Vikram Akula.
The talk of his resignation comes in wake of the spiralling losses and plummeting share prices; SKS is the only microfinance company to be listed on the BSE.
Though he quits as executive chairman, Vikram is likely to be part of the Company in a mutually agreed manner.
Ever since State Government cracked the whip on Micro Finance Institutions (MFIs) for their style of functioning and method of recovery, SKS along with other MFIs lost a major share of their income.
The Government's Bill to regulate MFIs has come shortly after SKS went for a Rs. 1,653 crore IPO. Around that time the Board sacked its CEO Suresh Gurumani.
Things went wrong for the Company and the industry itself in the state since the new Bill came into force in the State.
News Posted: 22 November, 2011
|