Walchand Peoplefirst Ltd Company Summary

Walchand Peoplefirst Ltd Summary

Formerly known as Premier Construction, Walchand Hindusthan (WHL) was incorporated in 1920 by the erstwhile Walchand Hirachand group. The company is engaged in construction contracts and leasing. WHL controlled the familys stakes in each of the companies of the Walchand group. The familys stake in turn was determined through a private company Walchand and Company which held a majority stake in WHL. While Vinod, Chakor and Arvind Doshi together held about 45% of Walchand and Company, the Bahubai faction together owned 55% of Walchand and Company. With the split in the Walchand group, the construction house, owned by the company was vacated by the Doshi companies. Hindustan Construction (HCC) increased its share in the company to 51% by way of a preferential issue at the then prevailing market price of Rs 330. From Nov.94, the company was also renamed Walchand Hindustan. It has two subsidiaries -- Hindustan Construction and Vikhroli Metal Fabricators.With a view to diversify into allied activities, the company has taken the dealership on the OTCE.Company has revisited its business strategy in light of the shackles of the NBFC industry and realigned itself to meeting the challenges of the vastly changed scenario in the financial industry. Company now in the process of establishing itself as a full fledged investment banker and process to offer service ranging from risk assessment, corporate restructuring, advice on mergers, acquisitions and privatisation. Company now increasingly shifts its focus from fund based to fee based activities.Company been granted registration as a Catagory I Merchant Bankers, by the Secutities and Exchange Board (SEBI) & Company soon commence operatons in the above areas. Company has transferred its certain assets, liabilites, duties, obligations etc of three division of the company to Hincon Hlds Pvt Ltd, IHP Finvest Pvt Ltd & Carina Finvest Pvt Ltd as per scheme of arrengement. Company is currently working on a business strategy, which aims to keep it amongst the leading player in the financial service industry & explore new areas from the perspective of diversification.The company entered into a Scheme of Arrangement with Hincon Holdings Pvt Ltd, IHP Finvest Pvt Ltd and Carina Finvest Pvt Ltd during the year 1999, resulting in reduction of the net worth of Rs.498.26 lacs.