 "AP High Court suspends order against SKS Microfinance")
The Andhra Pradesh High Court has issued an interim order suspending the notice issued by District Rural Development Agency (DRDA) which cancelled SKS Microfinance’s registration in Mahabubnagar district, SKS said in a filing to the Bombay Stock Exchange today.
SKS, India’s only listed micro-lender, did not specify when the court passed the interim order. DRDA had cancelled the registration of SKS Microfinance in Mahabubnagar for allegedly not following rules.
According to a letter issued by the authority to SKS, the agents of the company visited individual houses for collection, in violation of Andhra Pradesh Microfinance Institutions (Regulation of Money Lending) Act, 2010.
SKS then filed a petition in the High Court challenging the DRDA order. Shares of SKS closed at Rs 65.45 apiece on BSE on Friday.
PTI
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