The SKS Trusts, the largest shareholder in SKS Microfinance Ltd, has asked the company to take Vikram Akula, founder and former chairman, on the board as its nominee.
“The Trusts have urged the board to induct Vikram Akula, its nominee, immediately. The appointment could be regularised at the ensuing annual general meeting," Biksham Gujja, Chairperson of the trustees of SKS Trusts, said in a release on Sunday.
Last week, the Trusts, the original promoter of SKS Microfinance Ltd, had become the largest shareholder in the company by increasing their stake to 12.6 per cent through an open market purchase.
Akula had unceremoniously exited from the management of the country’s only listed micro-lender about a year-and-a-half back after SKS was badly hit by the AP microfinance crisis.
It had also written letters to the SKS Management seeking a berth on the board, which was not favourably considered by it.
The demand was made afresh in a letter to the company in which Gujja stated: “The SKS Trusts are the founding promoter and largest shareholder, and we would like to help the company achieve its goal of promoting financial inclusion while enhancing long-term shareholder value.”
Akula was nominated because of his “extensive experience in microfinance and he was ‘uniquely qualified’ to help the company, he added.
“I will do my best to help SKS Microfinance achieve its mission and to contribute to enhancing long-term shareholder value,” Akula said in a statement.