New directors for Ludhiana bourse

Sukhjiwan Rai, Jatinder Garg and Anurag Arora have been appointed new member directors of Ludhiana Stock Exchange (LSE) Securities Ltd.

Five public representatives, MA Zahir, Ashwani Kumar, PC Garg, Ajay Chaudhry and Vinay Shrivastava have been appointed on the board of the company.

At the seventh annual general meeting of the company, held in Chandigarh last week, the general house also approved a dividend of 5 per cent for the financial year 2005-06.

The house approved and adopted the audited balance sheet and profit and loss account along with the auditor and director's report for the year ended March 31, 2006.

Public representative and chairman of the audit committee of the company Ajay Chaudhry, who chaired the meeting, said the LSE Securities recorded an income of Rs 420.45 lakh in 2005-06 in comparison to Rs 394.61 lakh during the previous year and registered an increase in accumulated profits from Rs 67.43 lakh to Rs 132.92 lakh.

He said the company was directly settling funds and security obligations of the clients registered with it after the implementation of Sebi (Stock Brokers and Sub Brokers Amendment) Regulations, 2003.

M/s Anoop K Goel and Company were appointed statutory auditors for the next financial year.