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

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.

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.

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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.