Vikram Akula may quit SKS Micro, board meets today

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Vikram Akula may quit SKS Micro, board meets today
The man behind SKS Microfinance, Vikram Akula, may quit the company as the board members are going to meet on Wednesday to discuss about chairman's designation, reports Economic Times (ET).

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

SKS Microfinance is India's only listed microfinance company ventured in 1997 with the aim of providing microloans and insurance to poor people of India.

News reports say that Akula have been under pressure by some of the members to step down over differences in business strategies.

The company's board may reach to a final settlement by providing a cash component of about Rs 5 crore and protection of employee stock options valued at about Rs 9 crore.

The company which posted a loss of Rs 385 crore in second quarter of FY12, has recently approved fund raising plans of up to Rs 900 crore.

Read more about: sks microfinance, stock, vikram akula
Story first published: Wednesday, November 23, 2011, 11:18 [IST]
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