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

ICDS Ltd was incorporated on 21-10-1971 under the Companies Act, 1956 as Industrial Credit and Development Syndicate Ltd. Since the said name was felt to be too long and large number of shareholders, depositors and other clients had got accustomed to call the Company as ICDS,  the name of the Company was officially altered to ICDS Limited, w.e.f. 11-12-1992.This Company is the successor of erstwhile Syndicate Bank Ltd. After Nationalisation of Syndicate Bank on 19th July, 1969, this Company was formed by using the compensation amount received from Govt. of India.