Earlier known as Makum Tea Company (India), the company's name was changed to Williamson Financial Services in Dec.'94 following the order from the Calcutta and Guwahati High Courts. Namdang Tea Company, Macneill Leasing & Financial Services and Macneill Financial Services were amalgamated with the company with effect from 1 Apr.'94. According to the scheme of arrangement sanctioned by the high courts, WFSL and the erstwhile Namdang Tea Company have transferred five tea estates to Mcleod Russel (India), and their respective investments in two wholly-owned subsidiaries -- Maknam and Namtok -- to Indian Foils, with effect from 1 Apr.'94. Now, it has become a member of the Rs 1500-cr Williamson Magor group with B M Khaitan as the chairman. WFSL's principal area of business is fund-based activities like leasing, hire-purchase and corporate financing. It plans to play an advisory role in foreign exchange dealing and corporate restructuring including mergers, besides merchant banking and also sharebroking at a later stage. During 1996-97, fund based activities of the company remained restricted due to non-availability of finance from the organised financial sector. The company has been registered as a Non-Banking Financial Company with Reserve Bank of India during the year 1999-2000.