1. At a Glance – The Walking Dead of Dalal Street
Imagine a company that stopped doing business in the year 2000… yes, twenty-five years ago. Now imagine that same company still being listed, still trading, still having a ₹45.8 crore market cap, and still attracting retail investors like a roadside golgappa stall.
Welcome to Ind Bank Housing Ltd.
A housing finance company that does no lending, generates zero revenue, survives on interest income from fixed deposits, carries ₹129 crore of debt, and has a negative net worth of ₹121 crore. Oh, and just in case you thought there was hope — the RBI has already cancelled its license in 2023, and the board has approved winding up.
Yes, you read that right.
The company is literally in the process of shutting down… yet the stock is alive, kicking, and occasionally rallying.
Auditors have issued a going-concern uncertainty warning. Management is trying to revive operations. Legal cases are ongoing. Deposits are stuck with the CBI. CFOs resign. Company secretaries resign. And somewhere in the middle of all this chaos… investors are still buying.
This is not a business story.
This is a financial crime documentary waiting to happen.
So the real question is:
Are you looking at a turnaround miracle… or just a very slow obituary?
2. Introduction – The Company That Forgot It’s Dead
Let’s rewind.
Ind Bank Housing Ltd was incorporated in 1991 as a housing finance company. Back then, the business was simple: lend money for housing, earn interest, grow.
But something broke.
By 2000, the company had already stopped fresh lending. Not paused. Not reduced. Completely stopped.
From that moment, it transformed into something bizarre — a company whose only job is to recover old bad loans.
Fast forward to today:
- No lending operations
- No revenue from core business
- Only “other income” from fixed deposits
- Legal recovery battles ongoing
- Regulatory non-compliance
- License cancelled
And yet… the company still exists.
Even more interesting — the parent is Indian Bank, a PSU bank. So in theory, there is credibility.
But here’s the twist:
Even with that backing, the company couldn’t meet Net Owned Funds requirements, failed compliance norms, and ultimately lost its Certificate of Registration (CoR) from RBI in September 2023.
And what did the board do?
They passed a resolution to wind up the company.
So now you have a listed company that:
- Has no business
- Has regulatory cancellation
- Has a winding-up plan
And still has a stock price.
Let that sink in.
3. Business Model – WTF Do They Even Do?
Short answer?
Nothing.
Long answer?
They are in the business of:
- Recovering old NPAs
- Fighting legal cases
- Sitting on fixed deposits
- Planning a revival that may never come
Earlier, the company used to provide housing loans. But since 2000, the only “business activity” has been recovery.
So effectively:
Old loans → Default → Legal cases → Recovery → Repeat
That’s it.
No new customers. No new growth. No scalable model.
Even their FY22 revenue breakup says:
- 0% core revenue
- 100% other income (interest on FDs)
Let’s put it bluntly:
This is not a housing finance
