SKS Microfinance Ltd gets reprieve from Andhra Pradesh High Court

A section of the media has reported that the Andhra Pradesh Government has cancelled the registration of SKS Microfinance Limited to conduct business in Mahabubnagar District in the state.

Following a petition filed by SKS Microfinance Limited, the Honourable Andhra Pradesh High Court issued an interim order suspending the District Rural Development Agency's notice cancelling SKS Microfinance's registration in Mahabubnagar district.

Prima facie, a perusal of the impugned order indicates that no valid reasons have been recorded in cancelling the registration as contemplated under section 5 of the Andhra Pradesh Micro Finance Institutions (Regulation of Money Lending) Act, 2011," observed the Court in its order.

The SKS Microfinance Ltd stock was trading at Rs.68.90, down by Rs.0.05 or 0.07%. The stock hit an intraday high of Rs.70.95 and low of Rs.68.40.

The total traded quantity was 2.42 lakhs compared to 2 week average of 2.44 lakhs.

Source : Equity Bulls

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