HYDERABAD: The muchspeculated exit of Vikram Akula from SKS Microfinance, the company he founded and led, may not happen after all, with the company's board meeting unlikely to discuss the matter Monday. However, the possibility of Akula 'voluntarily' stepping down as executive chairman is not ruled out.
Sources said the agenda for the meeting in Mumbai will primarily centre around the business strategy to revive the company's operations, which have been reeling from the controversy over microfinance recovery practices last October."For now, the issue of Vikram stepping down as executive chairman is not on the agenda," a source told Express. The reasons were not clear why a topic that had been talked about for weeks will now not be debated in the board. The source indicated that the sensitive situation of the company in particular and the microfinance sector in general are factors in the decision being avoided Monday. "Just last week, the board approved a proposal to raise `900 crore by selling shares to institutional investors. Termination of Akula could potentially hurt investor sentiment," the source said, adding, "The proposal as such still exists. But it's unlikely that it will come up for a discussion tomorrow." It had been indicated earlier that the board wanted Akula to assume a nonexecutive role in SKS due to his alleged differences with the management team over the firm's line of operations and due to his personal issues.
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