The Company was incorporated as a Banking Company on 26.04.1943 under the Companies Act, 1913 in the name of Maharashtra Apex Bank Ltd by late Mr Upendra Anantha Pai who was also the founder of erstwhile Syndicate Bank ltd .Later in 1955 as per the advice of Reserve Bank of India the branches were transferred to M/s Canara Industrial and Banking Syndicate Ltd (Now known as Syndicate Bank). After refunding major Share Capital the Company was converted into a hire purchase Company and changed its name to Maha Rashtra Apex Corporation Ltd. Pursuant to the order passed by the Hon’ble High Court of Karnataka, a Company by name M/s General Investments Trusts Ltd was amalgamated with the Maha Rashtra Apex Corporation Ltd. This is one of the oldest Hire Purchase Companies and later it started involving into other financial activities.

Maha Rashtra Apex Corporation Ltd, flagship Company of Manipal Group is one of the oldest Non-Banking Financial Company in India. The Company has the unique distinction of having paid dividend very year since inception till 1998.

Late Sri T Ramesh U Pai remained as Chairman of the Company during his life time. He was a Director of Rotary International for 1992-1994 and played a major role in several activities related to social services and also for promoting educational institutions including professional Colleges.