Present Line of Business Activities:
Company has completed the repayment of public investments as per the Scheme of Arrangement approved by Hon’ble High Court of Karnataka, Bangalore. Efforts are being made to contact the individual investors to refund the unclaimed investments. The Company core activity is presently restricted to recovery of pending dues.
In order to generate income to partly meet the establishment expenses, the Company is engaged in marketing of the insurance products of life and general insurance companies. Vide Registration No.CA0161 issued by IRDA of India, the Company is authorized to act as a Corporate Agent from 01/04/2016 to 31/03/2019 for procuring/ soliciting insurance business of both Life and General Insurer. Accordingly, the Company has tied up with Life Insurance Corporation of India for life insurance business and with Bajaj Allianz General Insurance Company Ltd, for general insurance business.
In addition, the Company is also engaged in the retail sale of Videocon and Intex brand cell phones at Coimbatore.
Future Business Plans:
Consequent to filing of Scheme of Arrangement before Hon’ble High Court of Karnataka, Company had stopped the NBFC business. Since then Company was focusing its activities on recovery of dues. As a result, the Company’s net owned fund has turned positive and meets minimum required NOF stipulated by RBI for NBFC business. The Company has therefore applied for non-deposit taking NBFC license for pursuing business of Hire purchase and lease finance. The Company is also constantly trying for diversifying into few more fee based activities in future.