SKS row over CEO enters HC

Oct 09, 2010 |

Correspondent

Tags:

ap high court

Lucknow, Oct. 8: The AP High Court has now entered the picture in the SKS Microfinance saga. On Friday, it imposed restrictions on the functioning of the company’s new MD, Mr M.R. Rao. The court has allowed ousted MD, Mr Suresh Gurumani, to continue as a director till shareholders approve his dismissal. The court has restrained Mr Rao from taking any major decisions without prior the approval of the board till further ord-ers. The court was acting on a petition filed by a shareholder, alleging that the board’s decision to dismiss Mr Gurumani violated corporate governance norms.

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