Mahalaxmi Finance convenes 19th AGM; new board elected

ShareSansar, October 17:

Mahalaxmi Finance Ltd has held its 19th annual general meeting (AGM).

According to a statement from the bank, the AGM held on froday at Hotel Yellow Pagoda endorsed the proposal to distribute 18 percent cash dividend to its shareholders.

Presenting the annual report at the AGM, finance company’s chairman Babulal Agrawal told the shareholders that the company was able to achieve the net profit of Rs 9.3 crore in the last fiscal year 2070/71 despite various challenges seen in the financial system during the review period.

The AGM unanimously elected Babulal Agrawal, Sanjay Giri, Laxmanje Kalwar and Dipak Kumar Rauniyar as the board directors from the promoter shareholder group. Likewise, Shyam Sundar Rungata and Prithvi Rajbhandari were also elected unanimously in the AGM for the board director from ordinary shareholder group.

The finance company has 10 branch offices which have collected a total of Rs 3.72 arba deposit and extended Rs 3.16 arba on loans as of Thursday, the statement added. The bank has been providing ABBS, SMS, locker and ATM services, among other, to its clients.