Manvijay Development Company Limited announced that Mr. Mohammed Ali Dholakia, managing director of the company has stepped down from the post and Mr. Nitin Pradhan is being appointed as the managing director of the company in his place. Mr. Mohammed Ali Dholakia will be continuing as a director of the company. The changes were approved at the board meeting held on August 3, 2017.

The company reported unaudited standalone earnings results for the first quarter ended June 30, 2017. For the quarter, the company reported loss before exceptional and extraordinary items and tax was INR 0.693 million against INR 0.455 million a year ago. Loss before tax was INR 0.693 million against INR 0.455 million a year ago. Loss after tax from continuing operations was INR 0.693 million against INR 0.455 million a year ago. Loss after tax was INR 0.693 million or INR 0.11 per basic and diluted share against INR 0.455 million or INR 0.07 per basic and diluted share for the same period a year ago.