SKS Microfinance chairman Vikram Akula may quit

SKS Microfinance, India's largest and only listed microfinance company, Founder and Chairman Vikram Akula may exit the company, newspapers reported on Wednesday, quoting unnamed sources.

The company's board, which will meet on Wednesday, is likely to discuss Akula's resignation and also deliberate on the terms of a settlement, the Economic Times said.

PH Ravikumar, an independent director on its board and former chief executive of NCDEX, will become the company's non-executive chairman, the newspaper reported.

Various media reported that Akula was under pressure from board members to quit.

Reuters could not immediately contact the company's spokesmen for comments.

Akula's farewell may happen as early as Wednesday, even though the formal agenda of the board meeting that will take place in Mumbai doesn't include it as a resolution, the Mint newspaper reported.

He may not be formally ousted and instead he will resign, the newspaper said.

An SKS spokesperson denied Akula's termination to Mint, but declined to elaborate. The newspaper could not reach Akula for comment.

SKS, backed by investor George Soros, among others, went public last August and raised USD 358 million.

Earlier this month, the microfinance company received board approval to raise up to Rs 900 crore (USD 183 million) from share sale to institutional investors.