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Walchand Peoplefirst Ltd. Company History and Annual Growth Details

1920 - The company was incorporated on 6th July, at Mumbai. The
company carries on the business of investment and leasing. The
Company had taken the dealership of OTC Exchange of India Ltd.

- The Company bought the shares of Vikhroli Metal Fabricators Ltd.,
from its holding company. The Hindustan Construction Co. Ltd.,
at the break-up value of Rs 138 per share of Rs 100 each so as to
make it a direct subsidiary.

1935 - On 11th February, the name of the Company was changed from "Tata
Construction Co. Ltd" to "The Premier Construction Co. Ltd."

1947 - 1,12,500-4 - 1/2% III Pref. shares issued as Bonus to the
shareholders in the prop. of 1:1 Equity and 15:14 promoters

1948 - Further 3,37,500-4 - 1/2% III Pref. shares issued as Bonus to the
shareholders in the prop. of 3:1 Equity & 45:14 Promoters shares.

1961 - 35,000 Promoters shares of Rs 3.75 each converted into 11,666 No.
Equity shares of Rs 30 each, the difference in total nominal
value being adjusted by the capitalisation of reserves. 43,333
Bonus Equity shares issued in the prop. 1:2.

1965 - 43,333 Right Equity shares issued at par in the prop. 1:3. 1,707
shares remained to be allotted as on 31st December 1965.

1966 - The Company promoted Walchand Tandur Cement Co. Ltd., at
Hyderabad which became a subsidiary of The Hindustan Construction
Co. Ltd., with effect from 11th October, 1967.

- Face value and paid-up value of Equity shares increased from Rs
30 to Rs 50 per share by capitalisation of reserves. 34,333
Bonus Equity shares issued in the prop. 1:5.

1970 - Face value and paid-up value of Equity shares increased from Rs
50 to Rs 60 per share by capitalisation of reserves.

1984 - Face value of equity shares increased to Rs 100 per share by
capitalising a sum of Rs 83,40,400 Non-general reserves.

1989 - The Company's subsidiary Hindustan Spun Pipes Ltd., was taken
into members' voluntary winding up on 20th February.

1991 - 78,880 No. of Equity shares issued to the promoters on
preferential basis.

- During the year the Company entered into lease transaction of Rs. 55.07
lakhs and hire purchase transaction of Rs.88.86 lakhs.

- The name of the subsidiary company is proposed to be changed to

- With a view to raise long-term resources for the operations of
the Company , the Company made an Issue of 4,00,000 14%
Non-Convertible Secured Debentures of Rs.100 each worth Rs.4
crores on private placement basis.

1992 - During the year the Company has repurchased 25,000 14% Non Convertible
Debentures of Rs. 100/- each and reissued the same at Rs. 17.50 lakhs with
the gauranteed buy - back arrangement at the end of the year from the date of
reissue at the same rate.

1993 - With a view to diversify in the allied activities, the Company
has taken the Dealership of O T C Exchange of India Ltd., (OTC).

1994 - On 11th October, the name of the Company was changed from "The
Premier Construction Co. Ltd." to "Walchand Hindustan Ltd."

- The Company proposes to change its present name to "WALCHAND

1995 - The Registrar of Companies, Maharashtra, has approved the proposal of
the Company to change the name from 'THE PREMIER CONSTRUCTION COMPANY
November, 1994.

1996 - The Company is undergoing a restructuring to develop for
itself a sound corporate image based on excellent
management personnel, compliance with regulatory standards,
protection of the investor interests, high quality service
level and providing innovative products for the retail and
institutional markets.

- Shri Gangadhar G. Gadgil and Shri D.S.Mehta, Directors, retire
by rotation and being eligible, offer themselves for

- Shri Ajit Gulabchand resigned as Managing Director with
effect from 1st May, 1996.

1997 - The name of the Company was changed from Walchand Hindustan Ltd.
to Walchand Capital Ltd.

- Hindustan Construction Co. Ltd has ceased to be subsidiary since the
closure of the accounting year.

1998 - ICRA has reaffirmed its credit rating for this scheme at "MA+", which indicates
adequate safety for timely payment of interest and principal.

- The Company, Mr. Rajas R. Doshi and Prof. Gangadhar G. Gadgil, Directors of the
Company retires at the 78th Annual General Meeting by rotation and being eligible,
offer themselves for re-appointment.

1999 - As per the Scheme of Arrangement, all shareholders of the Company
have been allotted two new equity shares each of the three transferee
companies namely Hincon Holdings Limited, IHP Finvest Limited and
Carina Finvest Limited of the face value of Rs. 10/- each for one
existing equity share of Rs. 100/- each held in the Company

- Mr. Bahubali Gulabchand was appointed as the Director of the Company
from February 24, 1975 and subsequently as the Chairman from November
25, 1986. he was elevated to the position of the Executive Chairman
with effect from April 14, 1994, .which he held till he died.

- "National Citizen's Award - 1989" by the then Vice-President of
India, Dr. Shankar Dayal Sharma.

- "Bharat Udyog Award - 1992" by the Chairman, Finance Commission,
Mr. K. C. Pant for his outstanding contribution in the field of

- "THE RAJIV GANAHI EXCELLENCE AWARD - 1991" by the Union Minister of
Finance, Dr. Manmohan Singh.

- "UDYOG RATTAN AWARD" and also an "EXCELLENCE AWARD" for the Company
Walchand Capital Limited. This award was constituted by the Institute
of Economic Studies, New Delhi.

2000 - Walchand.com Ltd., a fully-owned subsidiary of Walchand Capital Ltd.,launched MoneyPickle.com, a personal finance portal offering savings and investment options for the retail and domestic household segment.


-Dale Carnegie Training announced the launch of its Indian operations, in association with Walchand Capital, on Wednesday in Mumbai.


-Company has changed its name from Walchand Capital Ltd. to Walchand Peoplefirst Ltd.

-The Company has recommended a final dividend of 5%


-Walchand Peoplefirst Ltd has appointed Ms. Poonam Barua as Additional Director

-The Company has recommended a dividend of 10%.


-The Company has recommended payment of final dividend @ 10%.


-Company has splits its Face value of Shares from Rs 100 to Rs 10


-The Company recommend the payment of dividend of Re. 1 per equity share of Rs. 10/- each to the shareholders of the Company.

- Walchand Peoplefirst Ltd has recommended the payment of dividend of INR 1 per Equity Share of INR 10/- each to the shareholders of the Company.