Hirco plc Company Update (8463S)
November 12 2013 - 10:58AM
UK Regulatory
TIDMHRCO
RNS Number : 8463S
Hirco plc
12 November 2013
12 November 2013
HIRCO PLC
Update
Hirco Plc has been informed that possession notices have been
posted by Punjab National Bank on the project site and commercial
and residential buildings of Sunny Vista Realtors, the development
company which controls the Panvel commercial and residential
projects.
The possession notice signifies that the banks have taken over
possession of the properties over which they have security at
Panvel and now have the right to sell such properties. The acreage
of properties repossessed amounts to approximately 345 acres of the
589 acres at the site.
The loans for Panvel and Chennai are not Hirco Plc's obligations
and were not taken out with the Company's required consent.
Companies controlled by Hiranandani family members, not Hirco Plc,
took out these loans. They, not Hirco Plc, have the right to
prevent the foreclosure and sale of the charged properties.
Hirco Plc will continue to pursue redress against Hirco Plc's
former Chairman, Niranjan Hiranandani, and CEO, Priya Hiranandani,
for fraud and other wrongdoing through the ongoing litigation and
arbitration proceedings.
For further information please contact:
IOMA Fund & Investment Management Limited Tel: +44 (0)1624 681250
Philip Scales
N+1 Singer Tel: +44 (0) 20 7 496 3000
James Maxwell/Nick Donovan
This information is provided by RNS
The company news service from the London Stock Exchange
END
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