Founder of Modern Manipal
Padmabhushan Dr T.M.A.Pai

ICDS Ltd, a non-banking financial services company was incorporated on 21.10.1971, having reputation of serving people for more than three decades showing satisfactory performance till the end of 1997.Consequent to the issuance of stringent regulatory guidelines by RBI Company was required to refund entire deposits in large amounts within a short period.This has forced the Company to stop fund based business which in turn affected its profitability and viability.

In the Month of August, 2002 subsequent to the filing of the Scheme of Arrangement, Reserve Bank of India prohibited the Company from accepting and renewing of Public Deposits and also directed the company not to sell, transfer create charge or mortgage any of its assets.Later in October, 2002, Reserve Bank has cancelled the Registration issue to the Company from carrying on business of non-banking finance company.The Company has complied with the directions of the Reserve Bank.However the company is presently concentrating on the recovery of its dues and repaying its liabilities.
 
Company is also engaged in marketing of the insurance products of life and general insurance companies.The company is diversifying into more fee based activities.