1990 - Indo Asian Finance Limited was initially incorporated as a Private Limited
Company on 17th April, in the name and style of Anand Rishub Finance Private
Limited. Then it was converted into Public Limited Company with effect from 29th
August 1991 and the name changed to Challani Credits Limited.
- The Company was primarily engaged in the business of Hire Purchase which had been
the traditional mode of business of the Challani family for decades. Gradually, the
company started to diversify into profitable finance schemes like leasing etc. and
soon established its presence in these areas.
- The company's main business is Hire Purchase and Leasing of Motor Vehicles,
Machineries, equipments etc.
1991 - The company has been in the Hire purchase and Lease business since September.
The company now intends to cater to Corporate clients and finance assets on lease
to large and medium sized companies also. Hire Purchase disbursements are mainly
in the retail auto segments, covering commercial vehicles.
1992 - The name was changed to Indo Asian Finance Limited on 14th July, and further more
Directors traditionally engaged in the same business along with substantial contribution
joined to strengthen the board.
- The company is now proposing to finance under Corporate Sector in a big way. With
its established contacts backed by its Marketing Team, the company will be concentrating
more on corporate sector both under Hire Purchase as well as Leasing.
1995 - Shri J.Padam Challani, the Managing Director was redesignated as Wholetime Director
of the Company with effect from 14th July. Shri Madanlal Gundecha, Joint Managing
Director of the Company was redesignated as Wholetime Director of the Company with
effect from 1st July.
1996 - Shri Lalchand Galada resigned for personal reasons as a Director of the Company with
effect from 30th April.
1999 - The Company is graded as a BBB+ rated Company by CARE for its deposit programme.
2000 - Indo Asian Finance Ltd will be entering the business of micro banking within the next
couple of months by setting up local area banks.