Arman Financial Services Limited Recommends Final Dividend; Announces Management Changes
May 25, 2018 at 10:18 am EDT
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The board of directors of Arman Financial Services Limited meeting held on May 25, 2018, recommended final dividend of INR 1.00 (10%) per share, subject to approval of shareholder in upcoming annual general meeting.
At the meeting, based on recommendation of the Nomination & Remuneration Committee, the Board of Director has decided to appoint Mr. Vivek Modi as the Chief Financial Officer & Key Managerial Personnel (KMP) of the Company with effect from May 26, 2018. Mr. Aalok Patel is now re-designated as an Executive Director. Mr. Vivek Modi is a Chartered Accountant, having an experience of two decades in the area of Finance & Accounts and Business Development. He has rich exposure to manufacturing, infrastructure & financial services industry. He started with Tata SSL Ltd, Gujarat initially than moved on to the financial services sector. He has worked with Max Life & ICICI Prudential; before moving to Consulting Engineers Group Limited. Shri. Chinubhai R. Shah, Chairman & Independent Director of the Company has tendered his resignation citing health issue. The resignation is effective from the closure of business hours of May 25, 2018. The Board has accepted his resignation.
Arman Financial Services Limited is an India-based holding company. The Company is a non-banking finance company (NBFC). The Company operates through the Financing segment. The Company provides lending services primarily in the two-wheeler, micro-enterprise (MSME), and microfinance segments. It provides finance for all models of motorcycles, mopeds, scooterettes and scooters of Hero, Honda, Bajaj, TVS, HMSI, Suzuki, Yamaha, & Royal Enfield. It operates serves niche rural markets in Gujarat, Madhya Pradesh, Uttar Pradesh, Maharashtra, Uttarakhand, Rajasthan, Haryana, and Bihar through a distribution network of 336 branches, 55+ two-wheeler dealerships spread across 120 districts in eight states serving 6.2 lakh customers. It also focuses on small ticket retail loans to the large underserved informal segment customer in rural and semi urban geographies. The Microfinance division is operated through its wholly owned subsidiary, Namra Finance Ltd.