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Controversy-ridden SKS Microfinance's Q2 net up 2 folds at Rs 81 cr

SKS Microfinance, facing allegations of using strong-arm loan recovery tactics, today reported over two fold jump in its net profit at Rs 81 crore for the second quarter of this fiscal compared to the year-ago period. A board meeting, attended by sacked CEO Suresh Gurumani among others, approved the results showing a 77 per cent rise in total income to Rs 366 crore during the three-month period ended September 30, 2010, SKS said in a filing to the Bombay Stock Exchange. SKS is the first ever microfinance company in India to get listed on the bourses. Since then, it is embroiled in one ...