CMX Holdings Limited, formerly known as Siel Financial Services Limited, was initially established as a subsidiary of Shriram Industrial Enterprises Limited in 1983. Originally, the company was involved in the production of soybean and rapeseed oil, refined oil, vanaspati, and deoiled cake, and entered the capital market in 1993 to expand its processing capabilities. However, the company faced operational challenges with its Solvent Extraction Plant, leading to its closure in 1995 and subsequent sale in 1998.
Transitioning into financial services, CMX Holdings operated as a Non-Banking Financial Company (NBFC) offering leasing, loans, investments, and bill discounting services. However, in 2001, the Reserve Bank of India rejected its NBFC application, halting all active financial business activities. Since then, the company has remained dormant without any significant business operations or income sources.
