Hiranandani denies link to Hirco Townships

Though Hiranandanis floated Hirco as family's investment vehicle, Niranjan quit as chairman in 2010

A day after London-listed Hirco threatened action against Mumbai-based developer Niranjan Hiranandani and other members of his family in a matter related to handling of finances for two of its townships (in Chennai and Panvel), the latter on Wednesday said, “Hirco is frustrated with the real estate markets here,” adding the Hiranandanis weren’t connected with both the projects.

A Hiranandani spokesperson said: “Niranjan Hiranandani has not been associated with Hirco Plc for about three years. The current directors have been managing the affairs at Hirco Plc and its subsidiaries since his resignation as non-executive chairman of Hirco Plc in late 2010…All monies invested into the project companies by Hirco Plc have been towards projects in Panvel and Chennai. The Hirco entities invested in the projects in 2007.” However, a Hirco spokesperson said the companies that developed the townships, sold the units, collected the monies, and defaulted on loans were Hiranandani-family controlled, not subsidiaries of Hirco Plc.