HC tells SKS MICRO to get shareholder nod on new CEO

SKS Microfinance will soon convene an extra-ordinary general meeting of its shareholders to get approval for termination of services of Suresh Gurumani as chief executive officer and managing director of the company soon.

SKS Microfinance will soon convene an extra-ordinary general meeting of its shareholders to get approval for termination of services of Suresh Gurumani as chief executive officer and managing director of the company soon.

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"The date of the EGM will be decided next week," an official the company said on Friday. The Andhra Pradesh High Court has restrained SKS Microfinance’s newly-appointed CEO and MD, MR Rao, from taking any major policy decisions pending final orders in a case related to the controversial sacking of incumbent Suresh Gurumani.

The court noted that since Gurumani continues to be a director, he can take every step needed to protect the interests of every person concerned as a member of the Board.

SKS is the country's largest microfinance company, which gives small loans to entrepreneurs. It recently raised R1,653 crore in its initial public offer.