SKS Microfinance Ltd., India's largest microfinance lender in terms of borrowers, ousted its chief executive Officer Suresh Gurumani without any explanation within months of its IPO
The Securities and Exchange Board of India (SEBI) has reacted quickly and publicly in asking the company to explain its action.
Mr. Gurumani—who had been in banking for more than 20 years with Barclays PLC and Standard Chartered Bank and others before coming to SKS in 2008.
SKS Microfinance expected to come clear on this issue to safeguard the interest of investors
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