In a major management change at the top, SKS Microfinance on terminated the services of Suresh Gurumani as CEO, triggering a six per cent fall in the company's stocks.
Gurumani have been roundly criticised for booking eye-popping profits on share sales of exercised options.
Stung by the controversy over the sudden sacking of the Managing Director at India's largest microfinance institution, SKS Microfinance, lenders have decided to raise corporate governance issues at board meetings of other MFIs.
After raising Rs 1,600 crore through an initial public offer in August, the Hyderabad-based company on October 4 terminated the services of Gurumani four years ahead of the expiry of contract and named M R Rao as his successor. Gurumani had a five-year contract starting from April 1, 2009.
We are focusing on how to make banking affordable for the customer. The bank is bullish on retail business, says Suresh Gurumani.
It might be difficult to repeat the SKS success with VAYA Finserv, say analysts
