SKS Microfinance's Vikram Akula may quit: Reports | business | Hindustan Times
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SKS Microfinance's Vikram Akula may quit: Reports

business Updated: Nov 23, 2011 10:53 IST
Reuters
SKS Microfinance

SKS Microfinance, India's largest and only listed microfinance company, founder and chairman Vikram Akula may exit the company, newspapers reported on Wednesday, quoting unnamed sources.

The company's board, which will meet on Wednesday, is likely to discuss Akula's resignation and also deliberate on the terms of a settlement, a newspaper said.

PH Ravikumar, an independent director on its board and former chief executive of NCDEX, will become the company's non-executive chairman, the newspaper reported.

Various media reported that Akula was under pressure from board members to quit.

Akula's farewell may happen as early as Wednesday, even though the formal agenda of the board meeting that will take place in Mumbai doesn't include it as a resolution, another newspaper reported.

He may not be formally ousted and instead he will resign, the newspaper said.

An SKS spokesperson denied Akula's termination, but declined to elaborate.

SKS, backed by investor George Soros, among others, went public last August and raised $358 million.

Earlier in November, the microfinance company received board approval to raise up to 9 billion rupees ($183 million) from share sale to institutional investors.