The payout from the company on account of the dividend to its two major share-holders Suzuki Motor Corporation (SMC) and government is Rs 39.6 crore.

The company had declared a dividend of 20 per cent, amounting to Rs 26.5 crore in 1996-97.

The Maruti board which met before the AGM is understood to have discussed the introduction of new models.

Speaking to newspersons, MUL managing director RSSLN Bhaskarudu said "we are working on the new models to be introduced", but refused to give any details.

"We do not want to divulge anything about our future plans which will affect our business", he added.

It is learnt that the AGM ratified the appointment of some directors, both from the government side as well as from SMC, which include the joint managing director Jagdish Khattar,director finance A R Halsyam and director engineering K Kumar. The re-appointment of Price Waterhouse as its auditors was also approved by the board.

MUL recorded an increase of 6.5 per cent in its turnover of over Rs 7,956 crore registered in the previous year. Net profit stood at Rs 651 crore (Rs 510 crore) and a post tax earnings per share of Rs 100 is Rs 492 (Rs 386). The net worth of the company increased by nearly 41 per cent to Rs 2,136 crore (Rs 1516 crore).

The sales of vehicles in the domestic market increased to 326,840 units (303,525), an increase of 7.7 per cent.

MUL chairman Y Saito refused to comment on the proceedings in the board meeting as well as the AGM.

The government was represented by Bhaskarudu, joint managing director Jagdish Khattar, A V Singh, Pradip Kumar and Halsyam. Besides Saito, director (engineering) K Kumar, T Sugimori, director (marketing) Kozo Senga and T Kobayashi represented SMC at the meeting.

Compared to the stormy AGM held in August last year, Tuesday'smeet seems to be a rather tame affair, which lasted an hour.

A high-level team comprising of the company's top officials including its managing director, joint MD, finance director recently returned from Japan after discussing the introduction of new models with its foreign partner. A board meeting was also held in Japan and is believed to have discussed new models.