Incorporated in Mar.'84, Manipal Finance Corporation Ltd was promoted by the Pais of Manipal. The Company is concentrating only on recovery of its dues and settling the debts. The Company core activity is presently restricted to recovery of pending dues. Efforts are being made to contact the individual investors to refund the unclaimed investments.
The company's rights issue in 1994 at a premium of Rs 5 received an overwhelming response. During 1994-95, the company opened two new branches, at Nellyadi, Karnataka, and at Malad, Bombay. The total number of branches of the company stands increased at 50.
In view of the non-availability of sufficient limit for acceptance of deposits during 1994-95, the company could not attain the desired improvement in disbursements under its hire-purchase scheme.
With the enhancement in the net worth position of the company consequent to allotment of shares and creation of additional reserves as in Mar.'95, the company could improve its borrowing strength.
The company suffered a loss of Rs.1591.16 lakhs for the year 1999-2000, as compared to Rs.177.54 lakhs in the previous year.