Established in March 1984, Manipal Finance Corporation Ltd was founded by the Pais family of Manipal. The company's primary focus lies in recovering outstanding dues and settling debts, with its core activities currently centered around this endeavor. Efforts are underway to contact individual investors to facilitate refunds for unclaimed investments.
The company's rights issue in 1994, priced at a premium of Rs 5, garnered a significant response. In the fiscal year 1994-95, the company expanded by inaugurating two new branches, one in Nellyadi, Karnataka, and another in Malad, Bombay, bringing the total branch count to 50.
However, due to insufficient limits for accepting deposits in 1994-95, the company couldn't achieve the desired increase in disbursements under its hire-purchase scheme. Nonetheless, the company's net worth improved after the allotment of shares and the creation of additional reserves in March 1995, thereby enhancing its borrowing capacity.
Despite these efforts, the company incurred a loss of Rs. 1591.16 lakhs in the fiscal year 1999-2000, compared to Rs. 177.54 lakhs in the preceding year.
The company's rights issue in 1994, priced at a premium of Rs 5, garnered a significant response. In the fiscal year 1994-95, the company expanded by inaugurating two new branches, one in Nellyadi, Karnataka, and another in Malad, Bombay, bringing the total branch count to 50.
However, due to insufficient limits for accepting deposits in 1994-95, the company couldn't achieve the desired increase in disbursements under its hire-purchase scheme. Nonetheless, the company's net worth improved after the allotment of shares and the creation of additional reserves in March 1995, thereby enhancing its borrowing capacity.
Despite these efforts, the company incurred a loss of Rs. 1591.16 lakhs in the fiscal year 1999-2000, compared to Rs. 177.54 lakhs in the preceding year.
