Incorporated in the early eighties and promoted by Yogindra N Mafatlal, Mahamaya Investments is engaged in financial services. It came out with a rights issue in 1994 at a premium of Rs 5.

In 1994-95, the company was offered, on a rights basis, equity shares of Indian Dyestuff Industries and Mafatlal Dyes & Chemicals. The company subscribed to these including additional shares. Investment in the said shares was financed partly through the proceeds of the rights issue made and partly by disinvesting some of the investment of the company.

In compliance with the provisions of the non-banking financial companies (Reserve Bank) directions, the company made investments in the Unit Scheme 1964 of the Unit Trust of India and Kisan Vikas Patra issued by the Government of India. Of these, Rs.1.98 lac of UTI has been disposed off and Rs.1.50 lacs of Kisan Vikas withdrawn on maturity during the year.

It has applied to RBI for registeration as a NBFC.