What happened to Cox & Kings Financial Service Limited?

Cox & Kings Financial Service Limited was part of the Cox & Kings group, which collapsed in 2019 after defaulting on commercial paper and bank loans worth thousands of crores. The parent company, Cox & Kings Limited, was admitted to insolvency under the IBC. The financial services arm, as part of the distressed group, effectively ceased operations and has near-zero share value.

Who was responsible for the Cox & Kings collapse?

The Cox & Kings group was promoted by Peter Kerkar, who was arrested by the Enforcement Directorate (ED) and CBI in connection with alleged fund diversion and money laundering charges. The group's collapse is considered one of the most notable corporate failures in the Indian NBFC and travel sectors around 2019–2020.

Is Cox & Kings Financial Service Limited still operational?

No. The company is effectively defunct. With the parent company in insolvency and the promoter facing criminal charges, Cox & Kings Financial Service Limited has no known active operations. Its share price of ₹0.01 reflects total value destruction.

How do I buy Cox & Kings Financial Service unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

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Is there a minimum ticket size for Cox & Kings Financial Service?

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You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

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How do I sell Cox & Kings Financial Service shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

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Cox & Kings Financial Service Unlisted Share Price | Buy Cox & Kings Financial Service Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

Cox & Kings Financial Service Limited is a defunct NBFC subsidiary of the collapsed Cox & Kings group. The company is effectively worthless, with its promoter facing criminal charges, its parent in insolvency, and its share price at ₹0.01. This is a cautionary tale of over-leveraged group structures, alleged fund diversion, and the risks of NBFC investing. There is no investment merit, and existing shareholders face total capital loss.

Pros

Part of the historic Cox & Kings brand (founded 1758 in UK), one of the world's oldest travel companies — though this brand value was substantially destroyed by the 2019 default
Incorporated 2016 — relatively modern entity with formal NBFC regulatory framework at incorporation
If any assets survived the group's collapse, they could provide residual recovery value in insolvency proceedings

Cons

The parent Cox & Kings Limited defaulted on over ₹3,000 Cr of commercial paper and bank debt in 2019, triggering a cascading group collapse
Share price of ₹0.01 confirms effective total value destruction — the company is essentially worthless as a going concern
Former promoter Peter Kerkar was arrested by the Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) on charges of money laundering and financial fraud related to the group's collapse
Cox & Kings Limited was admitted to insolvency proceedings under the Insolvency and Bankruptcy Code (IBC); the NBFC arm is deeply entangled in these proceedings
No operational NBFC business is believed to be functioning; lending book and assets likely seized or in recovery by creditor banks
COVID-19 (2020) further destroyed any residual value in travel-related financial services businesses
NBFC sector was under broad regulatory stress in 2019 (IL&FS, DHFL, Yes Bank crises) which amplified the group's liquidity crisis

Business Segments

NBFC Lending (Historical)

The company operated as a Non-Banking Financial Company, likely providing financial products aligned with the Cox & Kings group's travel and corporate needs — potentially travel financing, corporate loans, or working capital facilities for the group.

Revenue Model

Cox & Kings Financial Service Limited's revenue model was NBFC-based interest income — earning interest margins on its lending book. Given its 2016 incorporation and group affiliation, it likely served as an intra-group financing vehicle and potentially offered travel-linked financial products. All operations are believed to have ceased following the 2019–2020 group collapse.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds8

Growth Plans

Extremely unlikely — any residual asset realisation under IBC proceedings would first go to secured creditors

Brand revival if a strategic acquirer bids for Cox & Kings brand assets (travel segment only; financial services subsidiary has no brand value)

Industry Tailwinds

Extremely unlikely — any residual asset realisation under IBC proceedings would first go to secured creditors

Recent Developments

Insolvency Proceedings Ongoing

Cox & Kings Limited's insolvency proceedings under IBC continued with creditors pursuing asset resolution. Cox & Kings Financial Service Limited remains entangled in the broader group insolvency and has no independent business activity.

2022-00

Peter Kerkar Arrested

Former Cox & Kings group promoter Peter Kerkar was arrested by India's Enforcement Directorate in connection with alleged money laundering and financial fraud related to the group's collapse. CBI also conducted investigations into the group's financial dealings.

2020-00

Group Default and Collapse

Cox & Kings Limited defaulted on commercial paper obligations in June 2019, triggering one of India's largest corporate defaults in the NBFC/travel sector. The collapse resulted in thousands of crores of bank loan defaults affecting SBI, HDFC Bank, and other lenders.

Comparable Companies

CompanyTypeTickerMkt Cap

DHFL (Dewan Housing Finance) — collapsed NBFCListedDelistedNil (IBC resolution)

IL&FS Financial Services — collapsed NBFCListedUnlistedNil (government takeover)

Reliance Capital (collapsed NBFC)ListedDelistedNil (IBC resolution)

DHFL (Dewan Housing Finance) — collapsed NBFCListed

Delisted · Nil (IBC resolution)

Frequently Asked Questions

The group's collapse was attributed to alleged financial mismanagement, fund diversion, excessive leverage, and liquidity mismatches. The company had borrowed heavily through commercial paper and bank loans, and when it defaulted in 2019, the cascading failure affected its travel, education, and financial services businesses simultaneously. The broader NBFC sector stress in India in 2019 (following the IL&FS crisis) also contributed to the liquidity crunch.

About Cox & Kings Financial Service

Cox & Kings Financial Service Limited is a Mumbai-based financial services company incorporated in 2016, established as a subsidiary of the storied Cox & Kings Group — one of India's oldest travel companies founded in 1758. The company was created to provide financial solutions to the travel and lifestyle sector, including foreign exchange services, holiday financing, and student loan financing. Its registered office is at Turner Morrison Building, 16 Bank Street, Fort, Mumbai — the historic address of Cox & Kings' India headquarters. The company operated as a non-banking financial services entity, offering foreign exchange bureau services, consumer loans for holiday packages, and education financing products. It leveraged the 260-year-old Cox & Kings brand and its massive customer base of travellers and students. The company was incorporated under the leadership of the Kerkar family, which controlled Cox & Kings for decades. However, Cox & Kings Group suffered a dramatic collapse in 2019 due to massive debt levels and alleged financial fraud. The parent company, Cox & Kings Limited, defaulted on debt obligations in 2019 and subsequently entered insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). Cox & Kings Financial Service Limited has been classified as 'Under Liquidation' by MCA, reflecting the contagion from the parent's collapse. Known directors include Ajay Ajit Peter Kerkar (former promoter), Milind Ramesh Gandhi, Vanaja Nagarajan, and Vellattuputhanveetil Ravindran Menon. The company's revenue was reported at under ₹1 crore for FY2018, indicating it remained at a nascent stage before the parent group's collapse cut short its development. This is a liquidating entity with very limited recovery prospects for shareholders.

Key Milestones

2016 — Cox & Kings Financial Service Limited incorporated in Mumbai as the financial services arm of Cox & Kings group

Common questions about unlisted shares

How do I buy Cox & Kings Financial Service unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

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