Custom Search

Saturday, September 7, 2013

SKS Trusts to seek place on SKS Microfinance board

SKS Trusts will be formally asking for a berth on the board of SKS Microfinance Ltd soon as the largest shareholder. “The board has not responded favourably to our earlier request to nominate a board member, despite the fact that there are other nominees from shareholders with a lower percentage than the Trusts. We will request now again,” Biksham Gujja, Director of the Trustee of SKS Trusts, told Business Line on Thursday.

On Tuesday, the Trusts, the original promoter of the SKS Microfinance Ltd, had become the largest shareholder in the company by increasing its stake to 12.6 per cent through open market purchase.

The industry is abuzz with rumours that Vikram Akula, the founder and ex-chairman of SKS Microfinance, would stage a comeback after his unceremonious exit from the company about a year-and-a-half back after it was badly hit by AP microfinance crisis.

On the relevance of Akula to the company today, the Trusts functionary said he could add value to both the trust and the company.

“We believe Vikram Akula’s approach to financial inclusion is similar to our view,” he said, adding that a person who had the skills and experience to “add value” to SKS Microfinance would be nominated.

Akula, who off-loaded his nine lakh shares in the company a couple of days ago, can now claim to be a complete outsider to the company with no individual stake be back on the board with the help of SKS Trusts with which he has a strong bonding.

“We would like SKS to get back to its original mission of promoting financial inclusion,” Gujja said while declining to comment on the efficiency of the present management.

When contacted, SKS Microfinance declined to comment on the developments.

Source: thehindubusinessline


Post a Comment

Popular Posts

Desi Google | A2Z Famous Quotes | What's Cooking America | Joke Site