Mangalam Global Enterprise Limited — Board Meeting, 16-12-2024: Outcome of Board Meeting

The Board of Directors of Mangalam Global Enterprise Limited has approved the incorporation of a wholly owned subsidiary, potentially named MGEL Multicomm Private Limited. This move aims to allow the company to pursue business objectives in a more focused manner. The new subsidiary is anticipated to operate in manufacturing or trading of agri products, textiles, dyes and chemicals, steel, and other metals. The initial capital of ₹1,00,000 will come from the subscription of 10,000 equity shares at a face value of ₹10 each, resulting in 100% ownership.