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.
Notice to Shareholders
Board of Directors
To pursue the business of Hire Purchase, Lease Financing, Bill Discounting and Providing Loans to business purposes,The Company established branches in various important business centres throughout the country.Incidentally the Company was also accepting public deposits as per the guidelines specified by the Reserve Bank of India.
The Company had set up over 7 branches/offices over the length and breadth of the country with wide network of agents for pursuing its business activities such as deposit acceptance, Hire Purchase, Lease Financing and other business.