For postponing its Annual General Meeting (AGM), scheduled to be held on September 30, 2013, SKS Microfinance has obtained approval from the Registrar of Companies. The postponement is significant as the company has rejected a nomination of its founder and ex-chairman, Vikram Akula, as the representative of SKS Trusts, the largest shareholder in the company with a stake of 12.6 per cent.
The request to postpone the AGM was made on the basis of procedural aspects of the proposed shift of registered office from Hyderabad to Mumbai, according to an order from the Registrar of Companies. The only listed micro-lender in the country was given three months time to conduct the AGM. No fresh date has been given.