» SKS Founder Vikram Akula To Quit SKS Microfinance Board?
Vikram Akula To Quit SKS Board?
The launch comes at a time when brand strategists are trying to find new and compelling advertising alternatives in the wake of TRAI's tightening noose on SMS-based marketing.
The board of directors of SKS Microfinance is meeting on Wednesday in Mumbai to consider, among other things, the likely resignation of the company's founder chairman Vikram Akula.
The talk of his resignation comes in wake of spiralling losses and plummeting share prices; SKS is the only microfinance company to be listed on the BSE.
Even if he quits as executive chairman, Akula is likely to be part of the company in a mutually agreed manner.
Ever since the state government cracked the whip on Micro Finance Institutions (MFIs) for their style of functioning and method of recovery, SKS, along with other MFIs, lost a major share of their income.
The government's Bill to regulate MFIs came in shortly after SKS went for a Rs. 1,653 crore IPO. It was around that time that SKS' board sacked its CEO, Suresh Gurnani.
Things went wrong for the company and the industry itself in the state, ever since the new Bill came into force in the state. (INN)
filed in:Finance, Microfinance Institutions, SKS Microfinance, Vikram Akula, Industry & Business