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Tuesday, September 10, 2013

No shareholder has right to nominate a director on its board: SKS Micro

In response to SKS Trust Advisors Pvt Ltd and five mutual benefit trusts’ bid to seek a board seat, SKS Microfinance Ltd on Tuesday said that no shareholder has any right to nominate a director.

Hyderabad-based SKS Microfinance, in a notice to the BSE, said it has received a request for a seat on the board of directors from SKS Trust Advisors and five mutual benefit trusts.

The five mutual benefit trusts are: SKS Mutual Benefit Trust – Medak, SKS Mutual Benefit Trust – Sadasivapet, SKS Mutual Benefit Trust – Sangareddy, SKS Mutual Benefit Trust – Jogipet, and SKS Mutual Benefit Trust – Narayankhed.

SKS Microfinance said: “Under the Company’s Articles of Association (AoA), no shareholder has any right to nominate a director.

“All requests for appointment are required to be made in accordance with the Companies Act and the AoA of the company and will be processed in accordance with law.”

SKS Trust Advisors is the largest shareholder in the microfinance company with 12.6 per cent stake.

The industry is agog with speculation that Vikram Akula, the founder and ex-chairman of SKS Microfinance, would stage a comeback with the help of the Trusts.

Source: thehindubusinessline


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