Microfinance Focus, July 19, 2011: The Supreme Court of India has on Monday directed SKS microfinance to file an additional affidavit within two weeks for its petition against the Microfinance Act issued by Andhra Pradesh government.

A bench of Justice Markandey Katju and Justice CK Prasad granted SKS permission to amend affidavit within two weeks and ordered AP Government to file reply to the additional affidavit filed by the SKS within four weeks.

The next hearing for the case has been scheduled for September 26, 2011.

SKS Microfinance filed a petition against AP Microfinance Act in mid May. The Act was passed by the state government late last year and brought the microfinance industry to a near standstill in the state.

Meanwhile, the shares of SKS were up by 2.09 percent and were last trading at Rs. 534 on Monday.