Directors of Hirco suing board of Hirco Plc: Sources
The dispute arises from the family’s offer to buy Hirco Plc at 55 p a share.
In another twist in the Hirco saga, Doug Gardner and Priya Hiranandani, both directors of Hirco, are said to be suing the board of Hirco plc for damages in the Isle of Man courts. Niranjan Hiranandani, the past chairman of Hirco Plc, is suing Hirco Plc in the Singapore Court, according to sources familiar with the development.
Sources said the dispute arises from the family’s offer to buy Hirco Plc at 55 p a share. Previous offers to buy out Hirco Plc at 100 p a share have been declined in the past years.
Hirco Plc was listed on London’s AIM market in December of 2006. Investment in Indian real estate (FDI) surged to $46.8 billion in 2011-2012. According to a Jll study, 54 per cent of real estate exits in India have been promoter buybacks.
Hiranandani has pioneered integrated townships in India with its award-winning township in Powai (Mumbai).
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