Why many in SKS Microfinance Ltd love to hate its founder
Thursday, December 5, 2013
SKS Microfinance Ltd’s annual general meeting (AGM) in Mumbai on Tuesday was a largely tame affair with SKS Trust Advisors Pvt. Ltd (STAPL), the largest shareholder in the company, choosing not to press its demand for a board seat for founder Vikram Akula.
STAPL, however, forced the company to put all seven resolutions to vote at the AGM—four ordinary and three special resolutions, including one on reappointment of its managing director and chief executive officer (CEO) M.R. Rao. All resolutions were passed except one special resolution on employees’ stock options.