Maha Rashtra Apex Corporation Ltd

Maha Rashtra Apex Corporation Limited (MACL) was incorporated as a banking company in April, 1943 in the name of Maharashtra Apex Bank Limited. It changed the name to 'Maha Rashtra Apex Corporation Limited', in 1955, following the transfer of its banking branches to Canara Industrial and Banking Syndicate. The Company was converted into a hire-purchase company and was promoted by the late Upendra Anantha Pai. Presently, the Company discontinued the operation and concentrated on recovery of Hire Purchase and Leasing Business. The company came out with a rights issue of 42.55 shares -- at a premium of Rs 5/- with detachable warrants, to consolidate its capital base and further augment its long-term resources and to broadbase and expand public holdings. The main activities of the company are lease and hire purchase, automobile financing, bill discounting, corporate finance, etc. The company plans to diversify into merchant banking, OTCEI dealership, stock exchange membership, money changing business, mutual funds, etc. With respect to diversification and expansion, MACL has promoted Manipal Home Finance for housing finance, Manipal Share and Stock Brokers and Manipal Motors. It is also diversifying into telecom and cellular telephone services. In 1971, a company called General Investments Trusts was amalgamated with the company. In 1995-96, the company issued 32,14,260 warrants to the promoters of the company on preferential basis. These warrants were converted into equity shares and allotted in Nov.'95. Its subsidiary Karnataka Consumer Products changed its name to Kurlon, during the year. During the year 1999-2000, the company diversified its activities and taking up the retail sale of almost all top mutual funds and has a strong network of around 100 branches. The company also took-up the agency of Western Union, a reputed US Company which specialises in offering quick and efficient Money Transfer Service from abroad. It has tied-up with M/s Citicorp Finance (India) Ltd for doing business in Light and Heavy Commercial Vehicles and also with leading Amercian NBFC 'Associates' to canvass business for them on commission basis. With a move to diversify the company had taken up the Marketing of Mutual Funds of reputed brands and also ventured into retail marketing of gold coins. During year 2004-05, the Company started repaying the Deposits and Bonds through the Scheme of Arrangement. Accordingly repayment of 1st installment of (15% of the face value) was already made along with the Deposits/Bonds having the face value of Rs.5000/-'and less as directed by the High Court. Besides, the repayment of 4th installment (quarterly payment 5% of face value ) of Deposit/ Bonds having monthly/quarterly interest option has also been carried out as envisaged in the Scheme. In terms of Scheme of arrangement sanctioned by the Hon'ble High Court of Karnataka, the Company repaid Deposits/ Bonds aggregating to Rs.64.15 Crores. In addition to the above, the Company has paid public deposits amounting to Rs. 11.51 Crores out of Rs. 12.59 Crores to investors having investment of Rs.5,000/- or less as per the directions of the High Court during 2006-07. During the year 2008-09, the collection of dues under HP/Lease/Loan/Bills etc was to the tune of Rs.494.14 lacs. In terms of Scheme of arrangement sanctioned by the Hon'ble High Court of Karnataka, the Company completed payment of three instalments during 2015-16. It completed the fourth instalments in 2018-19.