move evoked strong criticism among corporate circles and later Akula himself had to step down from the board.
Akula said he will take the company with a long-term view if he is given a berth. "I am all for creating shareholder value, as long as it is done in a way that ensures borrowers receive high quality, transparent financial services.
"But if you try to manage for the short term, it can have negative unintended consequences. If I were to join the SKS Board, I would strive to ensure that SKS is taking this long-term view," he said.
On tapping capital markets for funds into the microfinance industry, he said as donations were limited, the alternative way is to go for commercial model.
"I thought it (IPO) would be the best way to access the huge quantum of funds needed for financial inclusion. Having said that, I could have been more careful about the type of investors I brought in. I could have been more careful about the type of senior management I brought in. Somewhere along the road, I lost the ability to control the philosophical direction of SKS," Akula said.
SKS raised more than Rs 1,600 crore from IPO in 2010 and subsequently plunged into problems after the introduction of AP Microfinance Act in 2011.