A resolution to this effect was passed at an extraordinary general meeting (EGM) held immediately after its annual general meeting (AGM) here on Friday. BAFL's income from operations for the first quarter (April-June) of 1998 rose to Rs 12.74 crore (Rs 11.15 crore), other income rose to Rs 4.32 crore (Rs 3.85 crore), expenditure has risen to Rs 6.58 crore (Rs 4.76 crore), interest and finance costs have also risen to Rs 3.88 crore (Rs 2.56 crore). Net profit has dipped to Rs 1.48 crore (Rs 2.43 crore).

Company officials attributed the higher interest and other finance costs to the new schemes launched, and were confident that for the full year, the company would achieve total disbursements for hire purchase andbill discounting of about Rs 400 crore (Rs 248.33 crore).