Vikram Akula, ex-chairman of SKS Microfinance — a company he founded and was ousted from two years ago, may not make a comeback to the firm anytime soon owing to its postponing its annual general meeting (AGM) by three months.
Biksham Gujja, chairperson of the trustee of SKS Trusts and a close aide of Akula had recently written a letter to the company asking for Akula’s reinstatement on the board of India’s only listed microlender.
The company has cited shifting of its registered office from Hyderabad to Mumbai as the reason for postponing the AGM which was earlier scheduled on September 30.
SKS Microfinance, in a statement to the Bombay Stock Exchange (BSE), said in light of this situation the Registrar of Companies in Andhra Pradesh “has granted an extension of time to the company for holding AGM of the shareholders of the company for the financial year ended March 31, 2013 by a period of three months (up to December 31,2013).”
The AGM has now assumed importance for Akula, a former executive at global consulting firm McKinsey who was educated at Tufts and Yale universities, as Gujja was looking to raise this issue at the event.
SKS Trusts is the single largest shareholder with 12.6% stake in the company.