Despite our repeated attempts, SKS Microfinance has not spoken to Moneylife. Meanwhile, in her second letter to us, Malini M Byanna has pointed to several new issues not in the public domain
Dear Sucheta Dalal,
Further to my note, (Moneylife: Please see http://moneylife.in/article/4/9924.html), I wanted to clarify that the SKS Microfinance Board of Directors and/or investors have never maintained a "dignified distance," from our messy divorce and court battles over the years and have consistently used corporate resolutions, corporate resources, and corporate staff, agents, and assigns to either initiate hostile, oppressive, and coercive legal action against me or cover up all of Vikram Akula's and his family's unethical or illegal activities to date, whether it be civil or criminal.
Indeed, SKS Microfinance's Human Resources Manager - Vikram Akula's maternal cousin whose father was a member of SKS Microfinance's Board of Directors at the time - conspired and colluded in the first child abduction of our son over Columbus Day Weekend 2001 in Chicago, Illinois along with Vikram Akula's parents, brother, and paternal aunt, all of whom flew in from the East Coast to help further the plot and plan.
Fast forward to Columbus Day Weekend 2009, Vikram Akula, along with his mother, and his Executive Assistant, pulled our son out of school on 12 October 2009, and took him to the Family Court of Hyderabad to obtain ex parte orders against me, with the knowledge, assistance, and participation of one of SKS' corporate attorneys.
Fast forward one week later to Diwali Weekend 2009, Vikram Akula, along with his Executive Assistant and Assistant Human Resources Manager fraudulently produced and obtained Jet Airways boarding passes and e-ticket itineraries in both my son's and my name for a flight we never took and for a date on which we never even approached or entered the airport and used the same to file false criminal charges against me both in India and in the US, with SKS' then Assistant Human Resources Manager receiving a promotion shortly thereafter to Human Resources Manager and presumably a substantial increase in salary, perquisites, and benefits.
It is important to note that soon after our son's abduction in Chicago, Illinois, I brought formal charges against Vikram Akula by and through the SKS Foundation Board of Directors to not only protect myself as a law student and aspiring officer of the court but to bring to the attention of the governing body all of Vikram Akula's and his family's illegal, unethical, and fiscally irresponsible methods and practices given that SKS Foundation was SKS Microfinance's funding source. The matter was investigated with certain findings made, after which every single board member resigned, and Vikram Akula's millionaire uncle along with his billionaire partner brought in their own people to serve as the new SKS Foundation Board of Directors, namely family and staff, and to protect his nephew and their investment.
It is also important to note that all documentation of said proceedings were destroyed a year later by and through corporate resolution, which I learned about when I formally requested said documentation from SKS Foundation as and for my records during the period I was completing my application to the Illinois Attorney Registration and Disciplinary Commission such that I could obtain my law license after passing (the) Bar Exam. Thankfully, I had kept copies of all material and relevant documentation. It is further important to note that Ashish Lakhanpal was one of the SKS Foundation Board members that were brought in by Vikram Akula's millionaire uncle and billionaire partners, who abruptly resigned for unknown reasons from SKS Microfinance Pvt Ltd. upon the sacking of Suresh Gurumani.
Moreover, Vikram Akula did not spend "almost every alternative week for his divorce and custody battles" in the US and, in fact, only returned as and when he had SKS business to conduct or was promoting himself at various speaking engagements through the country - roughly every alternate month and at times not returning for 6-8 weeks at a time - cancelling his visitation left and right because his primary focus and goal was to globetrot around the world and amass his fame, fortune, and coffers, all the while neglecting his one and only son.
Indeed, it was me who made all of the financial, professional, and even social sacrifices to successfully raise our son - against all odds for over 8 years - providing him with stable homes, stable schools, and a stable life that included friends, family, and a strong faith-based community with whom we maintained close relationships throughout the years only for Vikram Akula, family, and company to violently rip and tear him from his mother and from his motherland and everything he knows and loves back home, all in furtherance of SKS Microfinance Pvt Ltd's IPO.
You might ask, what is the connection? The connection is that SKS Microfinance Pvt Ltd had to disclose to SEBI (the Securities and Exchange Board of India) and to the public any and all criminal convictions and/or civil judgments entered against any and all Board of Directors and/or Corporate Officers as also any and all pending litigation, either in India or in the US, prior to the Initial Public Offering, and the best way to erase Vikram Akula's questionable past and all of the adverse rulings that were handed down against him in both the civil and criminal courts of Illinois was to abduct and illegally detain my son in India, obtain ex parte orders against me while I was out of the country, and proceed to bully, bulldoze, and bankrupt me with mentally, emotionally, psychologically, physically, financially, and even professionally draining litigation in two different countries with diametrically opposite time zones using corporate staff, resources, agents/assigns, perquisites/benefits, methods/means to debilitate me to such an extent that I would either have a nervous breakdown or voluntarily give up custody of my son.
Finally, the public needs to know that SKS Microfinance Pvt Ltd failed to fully disclose all pending litigation as against Vikram Akula in their initial Red Herring Prospectus, after which I filed a formal complaint with SEBI notifying them of all undisclosed pending litigation against Vikram Akula in India and in the US. SEBI then required that SKS Microfinance disclose the same by issuing a second public notice, but again full disclosure was not made and the second public notice was fraught with factual misrepresentations as the substantive and procedural posture of the various proceedings.
As such, I filed a second formal complaint with SEBI, but to no avail. Indeed, for all of Vikram Akula's public platforms and platitudes about strengthening women and children, providing economic and professional opportunities to families, increasing access to legal and financial resources, and exposing fraud and corruption, he has gone out of his way to silence, subjugate, and suffocate individual after individual in both his private and corporate life, with the greatest causalities being his own wife and child, who have been traumatised and terrorised for over 12 long months.
Malini M Byanna
(The Former Wife)
The Indian market is likely to witness a green opening on the back of positive cues from the global arena. Wall Street closed higher on Tuesday as minutes from the Federal Reserve meeting raised hopes that the central bank will take additional steps to boost the economy. Optimism in the US helped the Asian markets open in the green today. The SGX Nifty was up 27 points at 6,140 compared to its previous close of 6,113.
The domestic market snapped its two-day winning streak, ending in the red yesterday on dismal global cues and profit booking in heavyweights. Sentiments were also down as government data showed a fall in industrial growth for the month of August. The market traded sideways in the post-noon session as the key European barometers were trading with deep cuts. It ended the session down nearly three-quarters of a percent.
The Sensex closed 136.55 points (0.67%) at 20,203. The Nifty settled at 6,090, down 44.95 points (0.73%).
The US market closed in the positive terrain on Tuesday as minutes of the 21st September Federal Reserve meeting released yesterday indicated that the central bank will take new steps to boost the economy as unemployment continued to be a major concern. Investors hope the Fed will unveil additional stimulus measures at its November meeting.
The Dow rose 10.06 points (0.09%) to 11,020. The S&P 500 rose 4.45 points (0.38%) to 1,169. The Nasdaq rose 15.59 points (0.65%) 2,417.
Boosted by reports that the US central bank is ready to take additional steps to spur the economy, Asian markets were trading firm this morning. Meanwhile, Japan's finance minister on Tuesday said that the government would take ‘decisive’ action, if necessary to stem the yen's rise.
The Hang Sang was up 0.90%, KLSE Composite was up 0.45%, Nikkei 225 was up 1.04%, Straits Times was up 0.81%, Seoul Composite was up 0.29% and Taiwan Weighted was up 0.39%. Bucking the trend, China’s Shanghai Composite was down 0.10%. The SGX Nifty was up 27 points at 6,140 compared to its previous close of 6,113.
India was elected to the United Nations Security Council (UNSC) on Tuesday after a gap of 19 years, with substantial support, taking over from Japan a position which would help it push more aggressively for the reform of the world body's top organ.
Out of the 191 countries that voted, India received 187 votes, including Pakistan's, India's envoy to the UN Hardeep Puri said, after the ballot. While one member state abstained from the vote, three votes were polled against India. However, it was not clear which three countries voted against India.
Expressing concerns over deceleration in industrial output for August, India Inc on Tuesday demanded that Reserve Bank of India (RBI) should not increase policy rates any further as it will hurt the recovery process.
"... The RBI should not raise policy rates any further as it could have a negative impact on consumer demand as well as corporate investment and thereby slow down in economic growth," CII said in a statement.
Industrial production growth rate nearly halved to 5.6% in August from a year ago. The apex bank is scheduled to announce its mid-term policy review on 2nd November.
New Delhi: In a step towards addressing the central bank's concern about the autonomy of regulators, the government has said that the Reserve Bank of India (RBI) governor will head a sub-committee of the Financial Stability and Development Council (FSDC). The Council will be headed by the finance minister, reports PTI.
This was announced in a statement from the finance ministry today after finance minister Pranab Mukherjee met with the regulators, including RBI governor Dr D Subbarao and Securities and Exchange Board of India chairman C B Bhave to work out the details of the framework for FSDC. J Hari Narayan, chairman of the Insurance Regulatory and Development Authority, Yogesh Agarwal, chairman of the Pension Fund and Regulatory Development Authority, and Ashok Chawla, finance secretary also attended the meeting.
Asked when the Council would be formalised, Mr Mukherjee said that an announcement would be made shortly.
The decision to make the RBI governor the head of the sub-committee to deal with inter-regulatory issues comes after the apex bank had expressed apprehension over possible breach of autonomy of the regulators in the working of the council.
Dr Subbarao had said that the central bank's role was larger than that of containing inflation, indicating that its task was also to maintain financial stability for which FSDC was being set up.
The finance ministry's statement issued after the regulators' meeting with Mr Mukherjee, said that without prejudice to the autonomy of regulators the council would engage in macro prudential supervision of the economy, including the functioning of large financial conglomerates and address inter-regulatory co-ordination issues. "It was agreed that with a view to strengthen and institutionalise the mechanism for maintaining financial stability and development, the central government would set up the apex council (FSDC)," it stated.
Asked for his opinion on the meeting, Dr Subbarao said, "We gave our suggestions." Mr Bhave, Mr Hari Narayan and Mr Agarwal chose not to comment.