The marriage of capitalism and altruism is never very comfortable. One is about making money. The other, though often indirectly, is about giving money. Early in October, SKS Microfinance -- a company that makes money lending to the poor -- sacked its CEO Suresh Gurumani. In a terse note, SKS informed the Bombay Stock Exchange (BSE) that the company "had withdrawn all powers and authorities granted to [Gurumani] or otherwise enjoyed by him." Said economic daily Business Standard in its lead-story headline: "SKS Microfin sacks CEO; shares tank." Reported Moneycontrol.com, a web portal belonging to TV channel CNBC TV18: "Sacked SKS Microfin CEO may sue company."
For SKS, this is a second round of controversy. It is the first Indian company in the microfinance sector to go in for an initial public offer (IPO). It is among the first half-dozen anywhere in the world to list. (Banco Compartamos of Mexico went public in 2007 and drew considerable criticism.) SKS had a very successful IPO in August, being oversubscribed more than 13 times.
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