Maha Rashtra Apex Corporation Ltd is a company in a long, court-supervised wind-down - it was once a hire-purchase and leasing business, but lost its lending licence in 2002 and has spent the two decades since recovering old loans and selling assets to repay its depositors under a High Court-approved plan. The recurring approach is simple: every rupee recovered from legacy borrowers or from selling land and shares goes first to the people the company owes money to, and the company cannot restart any new financial business until that debt is cleared. # Business segments A single business in runoff - recovering frozen loans and selling assets to settle decades-old liabilities under a court order, with no new lending. ## 1. Legacy asset recovery: collecting what was lent before the licence was lost **The company’s entire activity is chasing old debts and selling whatever it owns to pay back depositors and bondholders under a scheme the High Court approved in 2004.** - **Recovery of frozen loans** - the company collects dues from hire-purchase, leasing, and loan contracts that were on its books before the RBI cancelled its NBFC registration in 2002, and these recoveries are the core of its operations. - **Repayment under a court order** - all money recovered flows into a Scheme of Compromise and Arrangement sanctioned by the Karnataka High Court, which dictates the order and timing of payments to deposit and bond holders; the company has paid four instalments in full and is now paying the fifth. - **Asset sales feed the kitty** - when loan recoveries are not enough, the company sells quoted shares, mutual funds, and immovable property, with the proceeds deposited directly with the High Court; in April 2023 it was ordered to deposit Rs. 5 Crores and to sell specific properties with an estimated market value of Rs. 15-16 Crores. - **A shrinking liability pile** - the outstanding principal plus interest due to the public stood at roughly Rs. 18.1 Crores as of March 2025, down from about Rs. 18.3 Crores a year earlier, while group companies hold another Rs. 4.37 Crores in bonds and deposits that remains pending. - **No new business permitted** - the company has not carried on any NBFC activity since the scheme took effect in December 2004, and even a brief attempt at share trading in late 2021 drew an auditor’s note that it needed prior court or RBI approval. # Investment portfolio and property assets **A pool of shares and land - some with tangled titles - sits behind the repayment effort, generating dividend income and waiting to be sold.** - **A valuable associate stake** - the company holds nearly 57 lakh unquoted shares in Kanara Consumer Products Limited (formerly Kurlon Ltd.), carried at fair value, and the dividend income from this investment - Rs. 5.7 Crores in FY25 - is the single largest contributor to its revenue. - **Property with title problems** - the company owns land in Brahmavar and a building in Goa, but some parcels have not been transferred into its name: one since the 1960s because original documents are missing, and another due to misplaced documents in the Sub Registrar Office, and one Bangalore property was auctioned by the High Court in 2012. - **A large property sale in progress** - an agreement to sell a 17,000-square-foot building on 233 cents of land in Udupi to Kanara Consumer Products Ltd for Rs. 12.7 Crores has been credited in full, though the registration still needs court approval. - **Other investments fill the gaps** - the portfolio also includes smaller stakes in entities like Manipal Home Finance Ltd., Manipal Springs Ltd., and a co-operative bank, plus quoted shares in ICDS Ltd., all of which can be liquidated when cash is needed. # Group structure and partners **A network of three operating subsidiaries and a cluster of related Manipal-group entities surrounds the company, while a rights issue and board changes signal preparation for life after the scheme.** - **Three active subsidiaries** - Maharashtra Apex Asset Management Co. Ltd. (99.99% held), Eldorado Investments Co. (P) Ltd. (81% held), and Manipal Crimson Estates & Properties Pvt. Ltd. (99.99% held) are all operational, though their activities are separate from the parent’s recovery work. - **Promoter-group connections** - the promoter group includes Manipal Holdings P Ltd and Metropolis Builders P Ltd, and the company’s related-party list runs to over a dozen entities spanning foam manufacturing, solar energy, fintech, and hospitality. - **A rights issue to raise fresh funds** - in March 2024 the board approved raising up to Rs. 15 Crores through a rights issue of equity shares to existing shareholders, subject to regulatory clearances, which would bring new money into a company that has been running on recoveries and asset sales. - **Leadership reset in 2026** - the Managing Director resigned in May 2026, and a promoter was reclassified to the public category, suggesting a governance refresh as the company looks toward completing its court obligations and possibly restarting non-banking activities.