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India's Mangal Credit and Fincorp names directors, cuts dividend

Mangal Credit and Fincorp Ltd appointed five directors on its board and lowered its divided for the full year ended March 31.

The Indian nonbanking financial company named Naval Maniyar an executive director and Srichand Teckchand Gerela a nonexecutive director, according to its annual report dated Aug. 14. It appointed Nirupama Dattatray, Abhishek Jain and Ramanathan Annamalai independent directors.

Further, the company's board recommended a dividend of 5 paise per share for the year ended March 31, down from 25 paise per share in the previous fiscal year.

As of Aug. 14, US$1 was equivalent to 70.02 Indian rupees.