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Wednesday, September 11, 2013

SKS Microfinance postpones AGM

SKS Microfinance Ltd has postponed its annual general meeting scheduled to be held on September 30, 2013.

The postponement assumes significance as the company has rejected a nomination of its founder and ex-chairman Vikram Akula as the representative of the SKS Trusts, the largest shareholder in the company with a stake of 12.6 per cent.

SKS Microfinance on Tuesday said no shareholder had any right to nominate a director.

The reason cited for postponement of the board meeting, however, was different. The request was made on the basis of procedural aspects of the proposed shift of registered office from Hyderabad to Mumbai, according to an order from the registrar of the companies.

The only listed microlender was given three months time to conduct the AGM. No fresh date has been given.

Some analysts are seeing this as a move to scuttle the entry of Akula on to the board as that could be proposed in the AGM if held this month as scheduled.

"Though the trust had become the largest shareholder in the last couple of weeks, it did make some requests earlier for a position on the board with hints that the issue could be taken up at the AGM,’’ said an analyst.

SKS scrip lost 1.23 per cent on the Bombay Stock Exchange on Wednesday and is trading at Rs 141 by the lunch hour.

Source: thehindubusinessline


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