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Thursday, September 26, 2013

Ramachandra Rao reappointed MD & CEO of SKS Micro

The board of directors of SKS Microfinance reappointed M. Ramachandra Rao as the Managing Director and Chief Executive Officer for a further period of five years, the company said in a notice to the BSE.

The appointment, which is effective from October 4, 2013, is subject to review after three years.

The market is agog with speculation that Vikram Akula, the founder and ex-chairman of SKS Microfinance, would stage a comeback with the help of five mutual benefit trusts.

In response to SKS Trust Advisors Pvt Ltd and five mutual benefit trusts’ bid to seek a board seat, SKS Microfinance 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.

Source: thehindubusinessline


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