In a news that may shock markets further, SKS Microfinance, India's largest and only listed microfinance company, founder and Chairman Vikram Akula may exit the company, it was 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.
PH Ravikumar, an independent director on its board and former chief executive of NCDEX, will become the company's non-executive chairman, the reported stated.
Various media reported that Akula was under pressure from board members to quit.
The company spokesmen could not be contacted the for comments. An SKS spokesperson denied Akula's termination, but declined to elaborate some reports stated.
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, it was reported.
He may not be formally ousted and instead he will resign, the report said.
SKS, backed by investor George Soros, among others, went public last August and raised $358 million.
Earlier this month, the microfinance company received board approval to raise up to 9 bln rupees ($183 million) from share sale to institutional investors.
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