India's only-listed micro lender -SKS Microfinance’s founder -Vikram Akula -has resigned as the “Executive Chairman” and “Director” from the board of directors of the company with immediate effect. The reason for the resignation which is still unknown comes in the midst of sluggish Q2 financials of the company. Further, much in line with the speculation, P.H. Ravikumar has been appointed as its interim Non-Executive Chairman.
Although Vikram Akula's ceases to be the directors of the company, however Akula would continue with SKS as a 'consultant' till March 2012 and 'assist with the transition.' However, the company will be not offering any severance package to the former executive chairman.
Micro-lenders in India, including SKS, are currently battling a crisis of confidence with mounting losses, deteriorating asset quality, poor loan recovery and absence of bank funding. However, the company, which is even expected to revamp in business model, has suffered huge losses during the second quarter of this fiscal with its shares falling to an all time low. SKS Microfinance posted a net loss of Rs 384 crore for the second quarter ended September 30, 2011, on account of lower income and higher provisioning.
Beleaguered Indian microfinance firm is also likely to write off its entire outstanding loan portfolio of Rs 822 crore in Andhra Pradesh, its biggest market. The company plans to write off Rs 678 crore of loans. The company has written off the outstanding loans in AP and brought them down from Rs 1,500 crore to Rs 822 crore. In addition, there is a cushioning of deferred tax of Rs 220 crore, and if that is factored in the total outstanding comes down further. Further the company is also pinning its hopes on non-AP markets, where it sees a fresh demand of at least Rs 10,000 crore.
| Company Name | CMP |
|---|---|
| Bajaj Finance | 6910.10 |
| Shriram Finance | 2896.85 |
| Aditya Birla Capital | 183.15 |
| SBI Cards AndPayment | 675.20 |
| Mah & Mah Finl. Serv | 266.75 |
| View more.. | |
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