Trading in Hirco's shares suspended on London's AIM

Two residential townships in the country are the bone of contention between the company and Hiranandani family

Hirco, based in London and listed there on the Alternative Investment Market (AIM), said trading in its shares would be cancelled from Friday.

The company said it had tried to obtain information from companies controlled by the Hiranandani family about the status of the family-controlled projects and why they had failed to pay debts, leading to foreclosure. After its enquiries were ignored, Hirco could not make announcements on its financial position in accordance with AIM Rule 10.

“On 15 August, 2013, Hirco requested the suspension of trading of its shares on AIM, pending clarity on its financial position due to various enforcement matters relating to Indian project companies owned by interests associated with the Hiranandani family and in which Hirco invested through participating preference shares,” the company said.

Residential townships in Panvel near here and Chennai, which have defaulted on loans, are the bone of contention between the company and the family.