Vikram Akula returns to SKS Microfinance as board nominee

Akula, the founder of the company, was ousted two years ago

The SKS Trusts today nominated Vikram Akula as a nominee in the board of SKS Microfinance, which he had founded and from where he was ousted two years ago.

 

It also reiterated its demand for a representation on the Board of SKS Microfinance Ltd. commensurate with its status as the largest shareholder. 

 

In a letter to SKS Microfinance Ltd, Dr Biksham Gujja, Chairperson of the trustee of SKS Trusts, informed the company that the Trusts have recently become the largest shareholder with 12.6% shareholding, and he has reiterated its long-standing request for suitable representation on the Board. 

 

“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 also enhancing long-term shareholder value,” said Dr Gujja.

 

"In line with this, and as an initial step, the Trusts have urged the Board to induct Dr. Vikram Akula, its nominee, immediately. The appointment could be regularized at the ensuing Annual General Meeting," Dr Gujja added.

 

 "We have nominated Vikram because he has extensive experience in microfinance and is uniquely qualified to help the company,” said Dr. Gujja.

 

The letter to SKS Microfinance goes on to state: "The SKS Trusts look forward to working closely with the Board in steering the company to its original mission and values while seeking to restore its past leadership and glory. The Trusts hope the company will reply favourably to this long-standing request.”

 

Last week SKS Trusts had bought Akula’s 0.8% stake as well as a part of Sequoia Capital's stake in the company which made them the largest shareholder.

 

“I am truly honoured that the Trusts have asked me to serve on the Board of SKS Microfinance. I will do my best to help SKS Microfinance achieve its mission and to contribute to enhancing long-term shareholder value,” said Vikram Akula.