West Leisure Resorts Limited was incorporated on January 18, 2008. The Company is engaged into Financial & Service activity including Lending business. The Company is a Core Investment Company (CIC) exempt from registration with the Reserve Bank of India under the Core Investment Company (Reserve Bank) Directions, 2016. The main objects of the Company is to engage in the business of leisure and hospitality industry, mainly resorts, entertainment and recreational arenas, restaurants, shopping malls and other related/ancillary activities.
Under a Composite Scheme of Arrangement between the Company and Westlife Development Ltd (WDL) duly approved by the Bombay High Court on 19.07.2013, a part of the undertaking of Westlife Development Limited (WDL) was demerged into the Company w.e.f. 01.10,2012. All transactions pertaining to the said demerged undertaking between 01.10.2012 and 22.07,2013 under the Scheme were treated on account of the Company. In lieu of the demerger, the Company had issued: i) Equity Shares to the Shareholders of WDL and resultantly 26,66,669 equity share held by WDL in the Company were treated to be annulled; and ii) Preference Shares to the Preference holders of WDL.
Having not found an appropriate opportunity yet to proactively venture into the hospitality industry, one of the important objects for which the Company was formed, is that the Company presently engaged in providing services by way of supplying human resources, investing in shares, mutual funds and other securities for liquidity management and lending or any of them.