HindustanTimes Sat,19 Apr 2014

SKS turns down Vikram Akula's bid to re-enter board

HT Correspondent , Hindustan Times  Mumbai, September 11, 2013
First Published: 02:05 IST(11/9/2013) | Last Updated: 02:06 IST(11/9/2013)

Vikram Akula's attempts at a second innings in SKS Microfinance received a setback on Tuesday with the board rejecting the demand of SKS Trusts to reinstate Akula. The company has said that no shareholder has any right to nominate a director.


SKS Trusts, the single-largest shareholder in SKS Microfinance headed by Biksham Gujja, a close aide of Akula, had written a letter to the company last week to induct Akula on the board of India's only listed microlender.

"The company states that under its Articles of Association, no shareholder has any right to nominate a director," SKS Microfinance said in a statement.

more from Business

700 trainees opt for exit plan at Nokia’s Chennai plant; union protests

The employees plan to go in for a Japanese-style strike on Monday. Some 5,200 employees will forego their free lunch and snacks given by the company, and also work during the break to register their protest against VRS scheme.
Most Popular
Copyright © 2014 HT Media Limited. All Rights Reserved