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The Ministry of Corporate Affairs has approved shifting of the registered office of SKS Microfinance Ltd from Andhra Pradesh to Maharashtra.
The move by SKS to shift the reistered office is probably a fallout of the AP Government’s stringent regulations for the microfinance sector.
The State Government tightened regulation about three years back to rein in microfinance institutions, which were charging very high interest rates from borrowers and resorting to strong arm tactics for recoveries.
The Regional Director, Ministry of Corporate Affairs, South East Region, Hyderabad has approved shifting of the Registered Office of the company from AP to Maharashtra, SKS Microfinance said in a notice to the BSE
The microfinance institution’s members had passed a special resolution on August 27, 2012, through a Postal Ballot approving submission of application to the Regional Director, Ministry of Corporate Affairs, South East Region, Hyderabad for shifting its Registered Office from AP to Maharashtra.
In light of shifting of the Registered Office, the company has been granted three months extension of time up to December 31, 2013 for holding the 10th annual general meeting of the shareholders of the company for the financial year ended March 31, 2013, the notice said.
Source: thehindubusinessline
The move by SKS to shift the reistered office is probably a fallout of the AP Government’s stringent regulations for the microfinance sector.
The State Government tightened regulation about three years back to rein in microfinance institutions, which were charging very high interest rates from borrowers and resorting to strong arm tactics for recoveries.
The Regional Director, Ministry of Corporate Affairs, South East Region, Hyderabad has approved shifting of the Registered Office of the company from AP to Maharashtra, SKS Microfinance said in a notice to the BSE
The microfinance institution’s members had passed a special resolution on August 27, 2012, through a Postal Ballot approving submission of application to the Regional Director, Ministry of Corporate Affairs, South East Region, Hyderabad for shifting its Registered Office from AP to Maharashtra.
In light of shifting of the Registered Office, the company has been granted three months extension of time up to December 31, 2013 for holding the 10th annual general meeting of the shareholders of the company for the financial year ended March 31, 2013, the notice said.
Source: thehindubusinessline
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