Friday, May 20, 2011

Ammacts:About Ammacts Limited, Future Financial Services Limited

1985 under the Community Action Society (ACTS). The operations were transferred to the Mutual Aid acts Mahila Cooperative Thrift Society (AMMACTS) in 1998. FFSL took over the operations of microfinance and ACTS AMMACTS since April 2007. The Institution FFSL Ammacts existed before he took over and before activities begin Monday through Friday.

Mr. G.DASARATHA REDDY: Managing Director

Sri G. Dasaratha Reddy is a post Graduate in Economics and he has worked for 27 years in NGO field. He has started an organization identified “Action for Community Service Society” (ACTS) at V.Kota, Chittoor District in 1985 and has functioned constantly for the upliftment of the rural unfavorable by undertaking a large number of welfare programmes and water shed management schemes. He has undertaken a multitude of Government programs and implemented them thought his NGO “ACTS “.

 Mr.Dasaratha Reddy has also promoted a Mutually Aided Cooperative Society by and cr “Acts Mahila Mutually Aided Co-operative Thrift Society Limited” (AMMACTS) in the year 1998 and got it registered beneath APMACS Act 1995, Andhra Pradesh to undertake Micro Finance for the rural poor women. AMMACTS has started its operations in V.Kota region and has expanded its business to many other towns in Chittoor District by the year 2003. As Chief Executive Officer of AMMACTS, he played a vital role for the development of such a organization to the present size.

In terms of the provisions of the Act, AMMACTS cannot go any bigger its operations outside of the district in which it is registered ie Chittoor. The Promoter has therefore taken over an existing Non Banking Financial Company having RBI license to carry on the industry of micro mortgages in the month of March 2007. Sri G.Dasaratha Reddy was appointed as Managing Director of the establishment and the firm “FUTURE FINANCIAL SERVICESS LIMITED” (FFSL) began its operations from 1/4/2007.The Company at last found it convenient to monitor the micro mortgages activities from Chittoor which has better proximity to T N and Karnataka. Accordingly the Registered Office is shifted from Hyderabad to Chittoor.

Sri G.Dasaratha Reddy has vast experience in Micro Finance field. He has attended various training programmes conducted by various corporations throughout the World.


He is a Chartered Accountant and has 30 years of banking experience. He has worked in Union Bank Of India, ING Vysya Bank and retired from ING Vysya Bank in 2007. He has vast encounters in banking operations, finance and internal audit. He is presently working as a full-time Director heading Internal Audit Department from March 2008.


Mr. N.Venkataram is inducted as Independent Professional Director. He is a practicing Chartered Accountant at Hyderabad. Presently he is the Chairman of Audit Committee of the Company


He is a General Manager in SIDBI making an effort at Hyderabad. He is nominated by the SIDIBI as Nominee Director on Board of the Company.He has vast experience in Micro Finance.


 Ms. Daksha has joined as an independent director in the Company. She is a B.A., M.B.A (IIM-A) .She is in the field of development since 1998. She is presently working as Programme Head (Credit) Friends of Women’s World Banking India (FWWBI), Ahmedabad. Prior to now job she was a Production & Finance Manager in cotton textile mill in Ahmedabad. She moreover worked as Managing Director in an Intermediate Dye Stuff Manufacturing unit till 1988.

She attended various workshops and seminars on micro credit at New York by Women’s World Banking as a representative of FWWBI and training apprehended at Mauritius on Delinquency Management. She attended Micro Finance Course conducted by Economic Institute at Colorado, USA and workshops of NABARD and SIDBI from time to time. These trainings and seminars suffer given her expertise in evaluating microfinance organizations as positively as to put them on a growth path.Mrs. She is a very resourceful and committed to upliftment of rural bad women through micro credit model.


Sri M.Ernest Paul is going through vast experience in Micro Finance. He has joined Share Micro Fin Company as a Unit Officer and has developed to a great leader and amplified his capabilities by involving himself in different activities of the parent company. He has worked for 5 ages in the company and he has joined in other businesses to increment Micro Finance in Rural Andhra Pradesh. He has promoted one Micro Fin Organization by name “Sadhana Micro fin society” at Kurnool in 2002 and rendering quality microfinance services to the people. He aims to back new entities in the field of Micro Finance and has set up a training institute at Kurnool. He is in the board of Advisory Committee of AMMACTS. He has joined as a Director in FFSL.


 Dr.V.Poornachandra Reddy is inducted as a director who has Doctorate in Economics and has rich experience in Micro Finance.

 He has over 24 years of experience in NGO management, micro financing institutions, and had worked extensively in promotion of micro finance with SHG concept with foreign best practices and systems. He is also associated with an international association i.e. CC, USA provided an mission of National Micro Finance Coordinator for its considerable scale micro financing program spread in 15 states. He attended training programs at most places National as well as International. He was author and publisher of several books and training modules and discussion papers. Most of his effort in this direction was on micro financing and its tethered fields.


Smt. G.Kalavathi has joined as a woman organizer in a reputed NGO “Grama Seva Samithi” and started her career in development field. She has understood the intricacies of rural Indian family technique and has strong belief that only providing the improvement of rural women’s banking status, our villages can grow. She is a stable promoter of women leadership and has attended several training seminars in women development in thrift and credit. She strongly believes that with woman’s financial independence, they can protect their rights and command contemplation in the family.

She is married to Sri Dasaratha Reddy who also is in NGO field and she emphasizes her husband in all his efforts for the cause of rural poor. She is instrumental in begun a separate Co-Operative labeled “AMMACTS” for pursuing microfinance program only for women and she is Vice Chairman in the board of AMMACTS. She actively participates in all programs of AMMACTS and also is a member in Suprabhath Mahila Group made by AMMACTS at V.Kota. She is appointed as a director in Future Financial Servicess Ltd. She is contributing her services to the Company amongst her valuable suggestions on time to time. She represents AMMACTS society in the Board of FFSL to safeguard the interest of members of the parent society.


Sri G.Kartheek is a B.Tech graduate and has joined the industry of Micro Finance in 2003. He has taken part in the growth of the society AMMACTS and in its expansion to various places. He has undergone one year training in Micro Finance utility in “Sadhana Micro fin Society “at Kurnool. Sri G.Kartheek has attended several training programs in the field of Micro finance. He has attended a seminar taken out at Bangladesh and has studied the Grameen perfect of lending for fifteen days. He also has attended a 40 days process on Micro Finance possessed at IIM, Bangalore a premium institution of Management in the entire country. He is one of the employees of the Company at the time of take over and now is appointed as a Director of Future Financial Servicess Ltd., He is contributing his services to the firm as and when required.
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