SKS AGM turns battle of proxies

DC
Published Dec 4, 2013, 2:28 pm IST
Updated Mar 18, 2019, 9:53 pm IST
The founder of SKS Microfinance has also alleged that proxies submitted by some major investors were not duly authorised.

 

Hyderabad: SKS Trust Advisors, the largest shareholder of SKS Mircofinance, on Tuesday accused the management of India’s listed micro lender of committing irregularities in proxy votes and asked market regulator Sebi to recount votes cast at the micro-lender’s annual general meeting.

 

“We would like to bring to your notice that our authorised representatives had observed that the register of proxies was not produced by the company for inspection as requested by the shareholders,” SKS Trust Advisors said in a letter to Sebi. The AGM (annual general meeting) was held on Tuesday.

The founder of SKS Microfinance has also alleged that proxies submitted by some major investors were not duly authorised and its complaint regarding the alleged irregularities was not taken note of by the microfinance firm.

“We request for the re-verification of the proxies or authorisation letters pointed out by our authorised representatives and order for recounting of the votes cast by the valid members/authorised representatives/proxies in the presence of representatives of SKS Trust,” the letter said.

 

It also requested Sebi to intervene and restrain SKS Microfinance from announcing the results of polling process pending an independent enquiry.

SKS Trusts is involved in a bitter battle with SKS Microfinance managment after the former has nominated Mr Vikram Akula to the board of the company. Despite the backing to the largest shareholder, the present management is against the induction of Dr Akula, who was considered to be the brain behind the micro lender.

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