SKS Micro seeks shareholders nod for moving to Mumbai

SKS Microfinance Ltd has sought shareholders’ approval for shifting the registered office from Andhra Pradesh to Maharashtra. The Hyderabad-based company has served a postal ballot notice to the shareholders in this regard, according to a disclosure to the Bombay Stock Exchange. Though it only mentions Maharashtra as the proposed location for new registered office, SKS had hinted earlier that it could be Mumbai. Citing the AP Microfinance (Regulation of Moneylending) Act, 2010 and subsequent halt to MFI operations in the State, SKS said the proposal to move out of AP was ‘to explore new areas of business’.