Bad vaastu behind SKS troubles?
Hyderabad: What's wrong with SKS? It could neither be the much debated APMFI Act nor interpersonnel issues among the management over changing the business direction to non-MFI activities.
Sources point at wrong Vaastu of its corporate headquarters. The imposing building, opposite Shoppers Stop in the heart of Begumpet, was once the office of the scamhit Satyam Computers Services Ltd.
In no time after moving into the building did the image and corporate identity of SKS get battered heavily as the company not only slipped away from being the country's largest microfinance player in terms of assets but also lost the bluechip tag on the stock markets.
SKS scrip touched an alltime low of `90.20 in November on BSE from a peak of `1,490.70 last September. While the borrowers count reduced from over 7 million last year to 6.4 million now, its workforce got downsized from 27,054 in September 2010 to 19,315 September 2011.
A troubled SKS now seems to be weighing the options of shifting its base to another location so as to get back on its feet.
When contacted, an SKS official said, 'Nothing's been decided. We propose several things but whether they will get accepted or rejected, we do not know.'
SKS signed a lease contract with Ashoka Builders Developers, owners of the building, in January 2010, which is set to expire next month. It is entitled to a grace period until June next.
The building has a seating capacity for over 1,000 employees but according to sources, SKS occupied only 75 per cent space and planned to expand later.
'But I understand, the planned expansion did not happen. I also gather they are downsizing to about 50 per cent. There was a proposal of moving out. If they vacate, we will have another company,' said N Jaideep Reddy, vicepresident (operations), Ashoka Developers Builders.
News Posted: 21 December, 2011
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