Mangaluru, Mar 31, 2023: The Sri Laxmanananda Multi-Purpose Co-operative Society founded in 1997 under the leadership of former minister J Krishna Palemar is in its silver jubilee year. The silver jubilee celebrations of the Society will be inaugurated on April 2. The new building of the Society constructed near the Ramakshatriya Mandir of Jeppu Morgansgate at a cost of Rs 8 crore will also be inaugurated on the occasion.
The Chairman of the Society and former minister J Krishna Palemar will preside over the function, while MP Nalin Kumar Kateel, MLA Vedavyas Kamath, Mayor Jayananda Anchan, Nitte Deemed to be University Pro-Chancellor Dr Shantharam Shetty, SCDCC Bank Chairman M N Rajendra Kumar, former MLA J R Lobo, Deputy Registrar of Co-operative Societies H N Ramesh and Corporator Bhanumathi P S will participate as chief guests.
The Sri Laxmanananda Multi-purpose Co-operative Society with its head office at Morgansgate also has five other branches at Hampankatta, Kavoor, Katipalla-Kaikamba and Ullal.
The Society which was founded with a capital of Rs 3 lakhs, nine directors and 800 shareholders in 1997 presently has a capital of Rs 2.8 crore and has over 500 share holders with an annual business crossing Rs 400 crores.
In the year 2022 the Society has earned a profit of over Rs 1 crore and has offered 20% dividend to its shareholders.