Siel Financial Services Limited was incorporated as a wholly owned subsidiary of Shriram Industrial Enterprises Limited (Formerly known as Mawana Sugars Limited) in 1983 in the name and style of 'Ayala Finance Private Limited' to carry on the business of Investment and Finance Company. Later, the Company was named Siel Financial Services Limited which is now known as CMX Holdings Limited from year 2021. To develop potential for functioning the business of Company and SATIL by rationalization of the management structure and for better utilization of combined resources, the Company was merged into SATIL through a Scheme of Amalgamation sanctioned by the Hon'ble High Court Madhya Pradesh and Delhi. In terms of the said Scheme, the Company name was changed to SIEL Financial Services Limited.

Initially, the Company engaged into the business of manufacturing soybean/ rapeseed oil, refined oil, vanaspati and deoiled cake. It entered the capital market in February, 1993 to raise funds for setting up facilities to process 500 tonnes per day (TPD) of oil seeds or 600 tpd of oil cakes in Dewas, Madhya Pradesh. Afterwards, Company diversified into financial services. It operates as a Non-Banking Financial Company in India. The Company engages in the businesses of leasing, advancing loan/ICDs, making investments, bill discounting, and other financial activities.

The Company had incorporated another wholly owned subsidiary under the name and style of 'Titawi Sugar Works Limited' (TSWI) whose name was changed to 'Shriram Agro-Tech Industries Limited' (SATIL) to carry on the business of commissioning and establishing a Solvent Extraction Plant. SATIL established and commissioned a Solvent Extraction Plant at Dewas, Madhya Pradesh.

The Solvent Extraction Plant commissioned by the Company met with serious teething problems and became inoperative right from its commissioning. As a result of its inefficient operations and serious issues with the availability of inputs, the operations incurred huge losses and became unsustainable. And as a result, the Plant was shut down completely in 1995. Then, the plant was sold in year 1998 and there had was no business activity of any kind in SATIL. Since then it remained defunct in all these years without any income from source.

The financial activities of Company was completely stopped doing any active business of investments or non-banking finance in 2001 on rejection of application by RBI to carry on business of NBFC and had been lying dormant since then.