SKS Microfinance independent director Ranjana Kumar resigns

Ranjana Kumar, an independent director of SKS Microfinance Ltd submitted her resignation, a top official said today. P H Ravi Kumar, non-executive chairman (interim) of the country's only listed micro lender, said.

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"Yes. She has submitted her papers. She did not cite any reasons for her resignation." Ranjana Kumar was appointed as an independent director of the company with effect from March 8.

Previously, Kumar has worked as chairperson of National Bank for Agriculture and Rural Development (Nabard). The development comes in the backdrop of SKS Trusts trying to nominate former chairman Vikram Akula to SKS Microfinance Board.

SKS Microfinance in a statement earlier had said according to its Articles of Association, no shareholder has any right to nominate a director. All requests for appointment as director are required to be made in accordance with the Companies Act and the Articles of Association of the Company and will be processed in accordance with law, it had said.

Kumar, who started her career with Bank of India as a probationary officer in 1966, has served as chairperson and managing director of Indian Bank and executive director of Canara Bank.

She has also served as a director of Andhra Pradesh Paper Mills, as an independent director of Tata Global Beverages Limited and Coromandel International. "She also held the constitutional post of Vigilance Commissioner in Central Vigilance Commission," SKS had earlier said in a filing to the BSE.