Bangalore: Vikram Akula’s journey with SKS that started in 1997, came to an end in November 2011. Vikram, the Chairperson and Founder of SKS Microfinance, a non-banking finance company, has resigned from the board with immediate effect as the Hyderabad-based firm suffers huge losses.

Vikram is said to have volunteered to place his papers at the time when the rumor was widespread that the company’s board was planning to dismiss him as the chairman of the organization. He tendered a letter of resignation as the Executive Chairman and Director from the Board of Directors of the company. SKS confirmed the resignation and in a filing to the Bombay Stock Exchange, the board said it accepted Vikram’s resignation with immediate effect.

For the quarter ended September 30, the SKS reported a net loss of 384 crore against 80.54 crore profits in the parallel period a year ago. Shares of SKS closed 4.98 percent higher at 116 on the BSE, reports PTI

“I am confident the current leadership is well equipped to take SKS into the next phase of its evolution. I will, of course, remain committed to the sector, and will continue my involvement in the industry at a policy level .I will also be involved in a mobile banking initiative,” Akula was quoted as saying in DNA.

On the other hand, it’s reported that Akula would continue as a consultant for the company till March 2012 to help the management handle the changes. The board has appointed PH Ravi Kumar, Independent Director, as the temporary chairman replacing Akula. Ravikumar has been on the Board of SKS Microfinance for five years and also the former chairman of the audit committee for four years. He was the founder MD and CEO of National Commodities & Derivatives Exchange. He has more than 37 years of experience in the financial service sector. He was also the part of the core team which set up and built ICICI Bank from initial level.

The exit of Akula, who once named as one of the most influential people among 100 by the Time Magazine became the area of gossip now. However, the organization was not eager to discuss about the board meeting details which led to the exit of Akula. The board plans to change the existing business strategy of SKS Microfinance which is yet to be decided.