Promoted by Ranbaxy Laboratories, Fortis Financial Services (FFSL) was incorporated in Mar.'94. FFSL, together with its associates, have acquired 16.52 lac fully paid-up equity shares of Rs 10 each of the Empire Finance Company (EFCL) at a price of Rs 48.75 per share, representing 43.95% of the voting capital of EFCL, later in Jul' 95 it was amalgamated with the company. The company is engaged in the business of leasing, hire purchase and other related financial services. FFSL went public in Feb.'95 to augment resources to meet the needs of its planned growth. The company obtained its category-I merchant banking registration from SEBI in Apr.'95. The company has been trying hard to recover money from various clients through legal procedures and various other measures and accordingly written off Rs 37.14 cr during the year 1999-2000 in cases where there are no changes of any recovery.