SKS Microfinance petition against Microfinance act admitted by the Supreme Court
May '2011

New Delhi, May 12, 2011: A special leave petition of SKS Microfinance, which included a prayer for a stay of the Andhra Pradesh Micro Finance Institutions (Regulation of Money Lending) Act, came up for hearing today in the Supreme Court. A bench admitted the matter and notice was issued to the Andhra Pradesh government to reply by the third week of July 2011.

About SKS Microfinance Limited:

SKS Microfinance Limited (SKS) is a non-banking finance company (NBFC), registered and regulated by Reserve Bank of India, whose mission is to eradicate poverty by providing financial services to the poor.

SKS operates across 19 states of India. They include: Andhra Pradesh, Karnataka, Maharashtra, Orissa, Madhya Pradesh, Bihar, Uttar Pradesh, Rajasthan, Uttaranchal, Himachal Pradesh, Haryana, West Bengal, Jharkhand, Chhattisgarh, Gujarat, Kerala, Tamil Nadu, Punjab and Delhi.

SKS has been recipient of many awards, which include Social and Corporate Governance Award by BSE, NASSCOM Foundation for Best Corporate Social Responsibility Practice (2007), Social Performance Reporting Award (MFIs) - Silver Category for Social Performing rating conducted by MIX market (2009) etc. SKS was founded by Dr Vikram Akula, who has been conferred the award of Young Global Leader by World Economic Forum and Business Transformation Entrepreneur of the Year by Ernst & Young (2010).  He was named by TIME magazine as one of the 100 Most Influential People in the World (2006).

For further details, please contact:

J S Sai

VP – Public Affairs, SKS Microfinance

+91 9849199455