SKS microfinance's board meeting may witness stormy session

HYDERABAD: The board meeting of beleaguered SKS Microfinance company may witness a stormy session during its meeting scheduled for tomorrow here.

Sources close to the development said the ousted managing director and CEO Suresh Gurumani is expected to attend the meeting and may raise some questions on his ouster as well as recent developments that are taking place in Andhra Pradesh.

"Gurumani is still a director, invitation has been sent to him. He has a right to raise questions on the issues of the company," sources told PTI.

According to CFO of SKS, Dilli Raj, the primary agenda will be Q2 results. He, however, declined to comment on the rest of the agenda.

SKS Microfinance board, on October 4, said it had terminated the services of Gurumani as the CEO and MD. The Founder-Chairman, Vikram Akula, later explained that Gurumani was removed because of some "inter-personal" issues.

Andhra Pradesh High Court responding to a petition filed by a shareholder recently declined to give a stay on the company's decision terminating Gurumani.

The court will hear a petition filed by the petitioner, S Lekha, against SKS Microfiannce on the manner in which Gurumani was sacked by the board, tomorrow.

Subsequently, the company clarified that Gurumani will continue in his capacity as director until removed by shareholders at a general body meet as per Company's Act.