SKS Microfinance denies largest shareholder charge on proxy register

SKS Microfinance on Thursday said it maintains a proxy register and no shareholder asked for the same at December 3 annual general meeting.

Earlier this week, SKS Trust Advisors Pvt Ltd, single- largest shareholder in the Hyderabad-based micro-finance firm, had written to market regulator Sebi, saying the company had not produced the register of proxies for inspection as requested by it and sought recounting of votes.

"Proxy register is very much maintained by the company. No shareholder ever asked for it either at or before the annual general meeting," India's only listed micro-finance company said in a release here.

SKS Trust had also alleged the company did not show corporate resolutions of shareholders issuing the relevant proxies.

The micro-finance institution said it had received only one notice for inspection in connection with the AGM.

"That notice does not even mention the words "proxy register" or "corporate resolutions" anywhere. It only sought an inspection of the proxy forms, and these were made available for inspection at the AGM," it said.

On the issue of improper proxy forms, the firm said the forms in question comply with all requirements of law.

"The proxy forms are duly signed and are complete in all legal respects. Apart from the company, these have also been reviewed by an independent and professional scrutiniser," the company added.

Notably, Vikram Akula, founder of SKS Microfinance, who was forced to end his association with the company in November 2011, is said to be eyeing a comeback.

While SKS Trust and some other stake holders support a board position for Akula and had proposed the same before, the present management is against his induction.

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