Maha Rashtra Apex Corporation Ltd. (India)

Maha Rashtra Apex Corporation Ltd. is a non-banking financial company located in Bangalore, India. It was incorporated on April 26, 1943, under the Companies Act, 1913, as Maharashtra Apex Bank Ltd. The founder of the company was Mr. Upendra Anantha Pai, who was also the founder of Syndicate Bank Ltd. In 1955, the company transferred its branches to Canara Industrial and Banking Syndicate Ltd, now known as Syndicate Bank, based on the advice of the Reserve Bank of India. After refunding major share capital, the company changed its name to Maha Rashtra Apex Corporation Ltd and became a hire purchase company. The company later amalgamated with General Investments Trusts Ltd as per the order of the Honorable High Court of Karnataka. Maha Rashtra Apex Corporation Ltd is one of the oldest hire purchase companies in India and has expanded into other financial activities. It is the flagship company of the Manipal Group. The late Sri T Ramesh U Pai served as the Chairman of the company and was involved in various social service activities and the promotion of educational institutions, including professional colleges. The company has paid dividends every year since its inception until 1998.