Baggyalakshmi Nidhi Ltd formerly known as Baggyalakshmi Benefit Fund ltd., was promoted by a Team of Retired. LIC Officials Viz.
(a) Thiru.C.N. Ranganathan (late)
(b) Thiru. K.Swaminathan (late)
(c) Thiru N.Govindasamy(late)
The Company was incorporated on 12th October 1989 in Plot No:386, 27th street 6th Sector Kalaignar Karunanidhi nagar (shortly known as K.K.Nagar in Chennai) with the following prime objectives:
* To encourage the members to save money as Thrift by way of periodical subscriptions.
* To receive monies by way of Fixed , Recurring & Savings deposits from members
* To advance and lend money to members on the security of both movable and immovable properties.
The inagural function on 29/10/1989 was graced by leading Tamil personalities like Prof.Ma.Nannan, Sa.Ganesan Ex-Mayor and C.Shanmugam then MLA and several other well-wishers. The Nidhi Company has completed 34 years of existence this year.
As the Business progress was very encouraging the Company started to get its name known in the surrounding localities like MGR Nagar, Jafferkhanpet, Rani Anna Nagar, Ashok Nagar, Vijayaraghavapuram etc., for its dedicated service & encouraging the savings habit in public especially the Middle income groups residing in these areas.
In those days, there were no guidelines or Notifications to follow by Benefit Fund Companies. It will not be out of context to state that the Govt. of India came out with the present guidelines constituting three / four committees from the year 1999 onwards.
As the office was working in a small place, the pledged jewels had to be kept in the lockers of Chennai Central Cooperative bank ( formely called MCC Bank) and Bank of India, The Nidhi was forced to look out for suitable place, Luckily it could find out the present premises, Flat A-No:39-A(50A) Goutham colony, R.K.Shanmugam Salai ( the widest road in K.K.Nagar) very near to the existing office and the Nidhi is housed here since 1994.
After prolonged correspondence the Company was classified as a Nidhi Company by the Govt of India vide Gazette notification GSR 725(E) dated 06.10.2003. Since the notification to regulate Nidhi Companies insisted limitation on Deposits as 20 times of the Net Owned funds, the Company wanted to raise the share capital and hence issued 1:1.25 right shares to the members in the year 1998.
As the Govt.of India instructed that every company incorporated as a Nidhi shall have the last words as " Nidhi Limited" as part of its name, our company's name was changed to M/s Baggyalakshmi Nidhi Limited by the Registrar of Companies on 29/09/2014.
The Company also feels proud in declaring maximum possible dividend i.e.25% right from the year 2008-2009 till now.
Another feature in the cap of our company is that till date, there was no occasion to write off any loan as bad debts and is free of Non-performing asset (NPA) till date
As a result of the steady growth in profits & the reserves created by the Nidhi, the company was able to annex a similar Flat in the same premises in July 2017.
All the achievements noted above were made possible because of the solidarity of the Board of Directos of the Nidhi and the unstinted co-operation by every employee of the Nidhi. Though the Nidhi had a very humble beginning in 1989, today after 34 years it stands Tall in rendering the service to our esteemed customers and to the best extent possible and to satisfy their financial needs, thus fulfilling the objectives set forth at the time of inception of this Nidhi Company.
