Lakshmananda Multipurpose Cooperative Society to launch new facilities at Silver Jubilee building on Sunday

Sri Lakshmananda Multipurpose Co-operative Society, headquartered in Morgans Gate, Mangaluru, will launch new facilities at its own building built abutting Jeppu Mahakalipadpu Road on Sunday.

Sri Lakshmananda Multipurpose Co-operative Society, headquartered in Morgans Gate, Mangaluru, will launch new facilities at its own building built abutting Jeppu Mahakalipadpu Road on Sunday.

Society founder president and former Minister Krishna J. Palemar told reporters here on Thursday that the new building opposite Rama Kshatriya Bhavana constructed to mark the Silver Jubilee of the society’s formation, was inaugurated on March 30. It would have the administrative office as well as the branch office of the society.

The Silver Jubilee celebrations and new facilities’ inauguration would be attended by Dakshina Kannada MP Nalin Kumar Kateel, Mangaluru City South MLA D. Vedavyasa Kamath, Mayor Jayananda Anchan, Nitte (Deemed to be University) Pro Chancellor Shantharam Shetty, SCDCC Bank president M.N. Rajendra Kumar, former MLA J.R. Lobo and others.

Founded in 1997 with ₹3 lakh initial capital, nine directors and 800 shareholders, the society at present has ₹2.8 crore capital, 5,500 shareholders and transacts over ₹400 crore business a year. It registered ₹1 crore profit in 2021-22 and disbursed 20% dividend, Mr. Palemar said. The society has been helping people from economically weaker sections by extending loans to street vendors, pushcart vendors, autorickshaw drivers, micro entrepreneurs etc., to enable them to lead self-sustained lives.

It has branched Hampanakatte, Kavoor, Katipalla-Kaikamba and Ullal. The society has been organising free eye screening camps, blood donation camps, financial assistance to members’ wards etc., as its social responsibility.

Vice President K. Dinesh Rao and other directors were present.