WALCHAND PEOPLEFIRST LTD.

Previously known as Premier Construction, Walchand Hindusthan (WHL) was established in 1920 by the former Walchand Hirachand group. Its primary activities include engaging in construction contracts and leasing. WHL oversaw the family's interests in all Walchand group companies, with the family's ownership being managed through a private entity called Walchand and Company, which held a majority stake in WHL. While Vinod, Chakor, and Arvind Doshi collectively held approximately 45% of Walchand and Company, the Bahubai faction collectively held 55%. Following the split in the Walchand group, the construction division, previously owned by the Doshi companies, became vacant. Hindustan Construction (HCC) increased its ownership in WHL to 51% through a preferential issue at the prevailing market price of Rs 330. Starting from November 1994, the company adopted the name Walchand Hindustan. It has two subsidiaries: Hindustan Construction and Vikhroli Metal Fabricators. In a move to diversify into related activities, the company secured the dealership on the OTCE. In response to changes in the NBFC industry, WHL reassessed its business strategy and realigned itself to address the evolving financial landscape. It is transitioning to become a full-fledged investment bank, offering services such as risk assessment, corporate restructuring, and advisory on mergers, acquisitions, and privatization. The company is increasingly shifting its focus from fund-based to fee-based activities. It has received Category I Merchant Banker registration from the Securities and Exchange Board of India (SEBI) and will soon commence operations in these areas. As part of a scheme of arrangement, WHL transferred certain assets, liabilities, duties, and obligations of three divisions to Hincon Hlds Pvt Ltd, IHP Finvest Pvt Ltd, and Carina Finvest Pvt Ltd. Currently, the company is formulating a business strategy to maintain its position as a leading player in the financial services industry and explore diversification opportunities. In 1999, the company executed a Scheme of Arrangement with Hincon Holdings Pvt Ltd, IHP Finvest Pvt Ltd, and Carina Finvest Pvt Ltd, resulting in a reduction in net worth of Rs.498.26 lacs.