Mysore Paints and Varnish Limited Chairman H A Venkatesh presented a cheque for Rs 23.68 lakh, towards payment of dividend to the state government, to the Chief Minister Siddaramaiah in Bengaluru, recently.
The state government undertaking Mysore Paints and Varnish Limited (MPVL), which achieved a turnover of Rs 28.46 crore, made a profit of Rs 6.18 crore (profit before tax) during the financial year 2016-17.
According to a press release from Chandrashekhar Doddamani, Managing Director of the company, MPVL has declared a dividend of 25% for the year 2016-17 to its shareholders. The Karnataka government being one of the shareholders owns 91.39% equity holdings in the company and is entitled to a dividend of Rs 23,68,250.
The dividend amount was presented to the Chief Minister Siddaramaiah at his office in the presence of R V Deshpande, Minister for Large and Medium Scale Industries and Infrastructure Development, and D V Prasad, Additional Chief Secretary, Commerce and Industries Department in Bengaluru, recently.
H A Venkatesh, Chairman, Chandrashekhar Doddamani, MD, and C Harakumar, general manager (administration), were present.