According to a legend, three sages Atri, Pulastiya and Pulha had come here for pilgrimage; they felt thirsty and could not find any water. They dug a deep hole where the present lake stands and filled with water brought from Mansarovar Lake in Tibet. This lake is also mentioned in Skand Purana as Trishul Sarover.This captivating lake is a major tourist spot in Nainital, the Nainital Boat Club provides boating and yachting facilities. The Annual Kingfisher Yachting Competition (Regatta) is held here in the third week of June. Both the pedal and rowing boats are available for tourists.