Ex-CEO of SKS Microfinance Suresh Gurumani today said he was exploring legal options to challenge the decision to sack him and hinted that he may attend the forthcoming board meeting of the company on Friday.
"I am looking at various options, including legal ones...There is a legal directive for me to continue as a director (on the board of SKS)," Gurumani told PTI.
When contacted SKS Microfinance spokesperson confirmed that the board meeting of the company would be held on October 22.
"Gurumani is a director on board. Whether he would attend the meeting or not is his discretion," SKS Microfinance spokesperson Atul Takale said.
On October 4, SKS Microfinance sacked its chief executive Suresh Gurumani, exposing a power struggle at the country's largest micro lender.
Even as the company did not give reasons for the ouster there has been words doing rounds that there was a personality clash between the CEO and SKS founder Chairman Vikram Akula.
However, Akula later clarified that there was "inter- personal issues" involved with Gurumani which resulted in the ouster.
The company has all through remained tight-lipped over the happenings within the boardroom and has only clarified that there was no financial irregularity involved in the firing of Gurumani. The board immediately named M R Rao as the CEO of SKS.
Meanwhile, the Andhra Pradesh High Court has barred the new chief executive of SKS Microfinance from taking any major decisions before the conclusion of a case. The interim order was passed by the Court while hearing a petition filed by some shareholders of the company.
The court held that sacking was not in accordance with the law. The shareholders had approached the court contending that the decision to sack Gurumani was not in the best interest of the company.
The Court has also asked the company to convene an extraordinary general meeting of the shareholders seeking their approval for the board resolution.
