SKS Trust to join Akula’s new venture?

HYDERABAD: In a parting shot, SKS Microfinance founder Vikram Akula, who exited the company in November last year, seems to have prepared the ground to take along with him its largest sharehol

Published: 04th February 2012 04:16 AM  |   Last Updated: 16th May 2012 05:49 PM   |  A+A-

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HYDERABAD: In a parting shot, SKS Microfinance founder Vikram Akula, who exited the company in November last year, seems to have prepared the ground to take along with him its largest shareholder, SKS Trust Advisors Private Limited.

According to reliable sources, STAPL is reaffirming faith in Vikram Akula’s next non-profit venture which is likely to commence operations shortly.

STAPL is a trustee of five SKS Mutual Benefit Trusts, which in turn comprise women borrowers and holds 11.55 per cent stake in SKS.

Sources said STAPL for which Akula continues to be the chairperson, may liquidate its stake if the valuation is appropriate.

Though STAPL is categorized as SKS promoter, SKS officials declined to comment as they cannot talk on behalf of specific shareholders.

When contacted, Akula neither confirmed nor denied the possibility.

“I can’t comment if STAPL is exiting but they can be part of Akula’s venture with or without exiting as it’s a private entity.

But STAPL is no longer the core of SKS as it has only a little over 10 per cent stake in SKS.

They do not even have representation on SKS board,” PH Ravikumar, interim chairman, SKS Microfin told Express.

If the SKS Trust Advisors does exit SKS, the latter’s last link with Vikram Akula will be severed for good.

Interestingly, following Akula’s exit from SKS, STAPL shifted its registered office from Begumpet to Gaffar Khan Colony in Banjara Hills.

According to sources, Akula’s upcoming venture will also be based there.

As of November 2011, three directors namely Gurucharan Das, Anukur Sarin and Farzana Haque control 33.33 percent, 33.34 percent and 33.33 percent respectively in STAPL.

SKS’ MBTs are located one each in Narayankhed, Jogipet, Medak, Sadasivapet and Sangareddy.

Its through these MBTs that SKS started operations with an initial capital of `2.5 crore in early 2000.

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