Reacting to the claim, SKS Microfinance had last week said as per Articles of Association of the company, no shareholder has a right to claim place in the Board.
Biksham Gujja, chairperson of the trustee company of SKS Trusts, said they have no option but to approach appropriate forums to stake their claim.
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"We nominated Vikram Akula because he is eminently qualified to be on the Board of SKS. He is a recognised pioneer in microfinance and founded SKS Microfinance. If the Board rejects us, we will pursue all legal channels, including approaching the Company Law Board," Gujja told PTI.
"Also, if the company is not ready to engage with us on concerns we have raised over the last several months, we will have no choice but to approach various regulatory authorities," he said.
A few days back, the SKS Trusts shot a letter to SKS Microfinance demanding Vikram Akula to be inducted in the Board of SKS Microfinance Limited, as the trust became single largest shareholder of India's only listed micro lender.
SKS Trusts are five mutual benefit trusts whose beneficiaries are self-help groups of borrowers of SKS Microfinance Ltd.
The Trusts have recently become the largest shareholder with 12.6% shareholding in the country's only listed micro lender.
As on June 30, promoters are holding 27.09%. FIIs and DIIs are holding 35.83% and 5.08%, respectively while, others including public are holding 32% in SKS Microfinance.
"The company states that under its Articles of Association, no shareholder has any right to nominate a director.
"All requests for appointment as director are required to be made in accordance with the Companies Act and the Articles of Association of the Company and will be processed in accordance with law," SKS Microfinance had said in a statement.
Vikram Akula, the founder and ex-chairman of SKS Microfinance, was given an unceremonious exit from the company in November 2011 following the AP microfinance crisis.
"We believe that Vikram Akula is an ideal candidate. If the Board has any specific reasons not to select him, we would first like to hear that and then we can discuss it.
"But if they do not give any substantive reason for rejecting our nominee, we will pursue legal channels," Gujja said when asked if they will nominate another person in place of Akula.
Last week, SKS Microfinance informed bourses that in light of shifting of the registered office from AP to Maharashtra, the company had sought an extension for holding the 10th Annual General Meeting (AGM) from the Registrar of Companies, AP by three months and the ROC had allowed the same.