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Magma Fincorp Ltd. Company History and Annual Growth Details

1978 - Magma Leasing Limited was incorporated on December 18, as ARM Group
Enterprises Private Limited and was converted into a Public Limited Company with
effect from October 30, 1980.

- The Company has been carrying on various business activities in manufacturing,
trading and financial services and has laid the foundation for emerging as a
multi-divisional enterprise specialising in diverse lines of business such as Financial
Services covering leasing, hire-purchase and bill discounting through a separate
division as well as through an exclusive Financial Services Company called Magma
Leasing Limited (erstwhile) which was separately incorporated for the purpose.

- The name of the Company was also changed from ARM Group Enterprises Ltd. to
Magma Leasing Limited, (August 24, 1993). The activity of manufacture and selling
of Industrial Gases has been subsequently discontinued by the Company.

- Another Company, Calcutta Credit Corporation Limited, was earlier merged with ARMGroup Enterprises Ltd. in 1987. Calcutta Credit Corporation Ltd. was one of the earliest
hire-purchase companies in Eastern India having been incorporated in 1937.

2000 - The Company has signed an agreement with CDSL & NSDL for dematerialisation.

-Members approved delisting of its equity shares from Kolkata Stock Exchange.


-Magma has entered into a tie-up with the National Insurance Company Ltd (NIC) for extending insurance cover to its customers

-MLL launches 'Magma Carisma' car loan scheme


-Magma ties up with National Insurance to unveil co-branded product

-Magma Leasing Ltd has appointed Mr Narayan Seshadri as an Additional Director of the Company to hold office till the next Annual General Meeting of the Company.


- Magma Shrachi Finance Ltd has informed that at the meeting of the Board of Directors of the Company held on October 29, 2007, Mr. Ashish Moti Chugani has been appointed as the Alternate Director to Mr. Neil Graeme Brown, Director of the Company w.e.f. October 29, 2007.

-Company name has been changed from Magma Leasing Ltd. to Magma Shrachi Finance Ltd.
- Once again company name changed from Magma Shrachi Finance Ltd. to Magma Fincorp Ltd.


- Magma Fincorp Ltd has informed that Mr. V. Lakshmi Narasimhan has been appointed as Chief Financial Officer (CFO) of the organization with effect from April 01, 2010.
Oct 27, 12:00 am
Oct 27, 4:14 pm
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