Mumbai: 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.
The
Trust also wrote to the capital market regulator, the Securities and
Exchange Board of India (Sebi), seeking its intervention to withhold the
results of the vote. It cited “irregularities” by the company at the
AGM in the conduct of the poll and sought “an independent enquiry”.
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