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Palace Garden, Hirco Group, Panvel, Mumbai

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Palace Garden, Hirco Group, Panvel, Mumbai

Last updated: July 11 2017
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  • Re : Palace Garden, Hirco Group, Panvel, Mumbai

    doesn't look like anything is going to happen for a while- they are broke

    15 August 2013

    HIRCO PLC
    (the "Company")

    Suspension to trading on AIM

    The Company has requested the suspension of trading of its shares on AIM pending clarity on its financial position due to the potential enforcement matters outlined below which may have a material impact on the financial position of the Company.

    The Company has received copies of statutory notifications dated 30 and 31 July 2013 from lenders to Sunny Vista Realtors Private Limited (the Indian project company which owns the Panvel property) alleging that certain repayments under their respective loan agreements have not been met, that the loans are in default (in one case, wilful default), and that if the loans are not repaid in full together with interest within 60 days, enforcement action will be taken against Sunny Vista. The total sums stated to be now due are approximately 360 Crores (circa £37.66m) plus interest. The notices state that Sunny Vista is not permitted to transfer any of its assets without the relevant lenders' consents. However, the extent of the security over the assets which are to be the subject of enforcement is as yet unclear, as are the circumstances surrounding such enforcement.

    The Company has also received copies of a petition from Tata Capital Financial Services Limited against Hiranandani Palace Gardens Pvt Ltd, the Indian project company which owns the Chennai Township residential development. The petition requests the High Court of Bombay to appoint a provisional liquidator over Hiranandani Palace Gardens pending a hearing to appoint a liquidator and demands that Hiranandani Palace Gardens be ordered to deposit 82 Crores (circa £8.58m) plus interest at the Court. The evidence in support of the petition alleges irregularities in connection with obtaining the loan from Tata, that the company is commercially insolvent and unable to pay its debts in the ordinary course of business as and when they fall due, and that the management should not be allowed to carry on its business any further as that will inevitably result in incurring further debts with no reasonable expectation and/or capacity to repay the same.

    These loans are obligations of the Indian project companies and are not of Hirco Plc. The common equity in the Indian project companies is held by "the Burke Companies," Mauritius domiciled companies owned by interests associated with the Hiranandani family. Because the Company is not a party to these loan agreements, it is not a party to these proceedings. Nonetheless, it is endeavouring to establish further information regarding the enforcement action and the potential consequences in relation to the value of the preference shares the Company holds. The Board is seeking information on these points so that the financial position of the Company can be clarified.

    Separately, the Board wishes to disclose information which has come to light in respect of a potential offer for the projects held through the Burke Companies. The Board understands that the Burke companies received an indication of a potential offer some months ago which, if made, would be to purchase the entire issued share capital of the Indian project companies they own. Since becoming aware of a potential offer, the Board has been seeking to establish further information which may verify and confirm the validity of such potential offer. The Board's current understanding is that if that potential offer were made, accepted and implemented, the Burke Companies would be able to redeem the Company's preference shares in return for £100 million (payable over a number of years) in full and final settlement of the Company's rights in those shares. The Board has now received information that an indicative timetable has been received by the Burke Companies outlining the process to a potential offer and also that due diligence work has commenced. In light of this, the Board feels that the indication of an offer may have substance and is seeking further clarification.

    The Company cannot be certain that an offer in an appropriate amount with appropriate legal protections guaranteeing payment would be made for the shares of the Indian project companies, that the various boards of directors would accept such an offer, that any third party consents or approvals would be obtained, that the Company would receive proceeds from any transaction, or that any proceeds would ultimately be distributed to Company shareholders.

    Notwithstanding these developments, the Company continues to pursue redress through the litigation and arbitration proceedings which are ongoing.

    The Company requested a suspension of trading in its shares on AIM pending clarity on the financial position of the Company pursuant to any of the enforcement actions and will seek reinstatement of trading in the Company shares once the Company is in a position to make a full announcement on this issue in accordance with AIM Rule 10.

    News | Interactive Investor

    Comment


    • Re : Palace Garden, Hirco Group, Panvel, Mumbai

      Originally posted by ccie2b View Post
      doesn't look like anything is going to happen for a while- they are broke

      15 August 2013

      HIRCO PLC
      (the "Company")

      Suspension to trading on AIM

      The Company has requested the suspension of trading of its shares on AIM pending clarity on its financial position due to the potential enforcement matters outlined below which may have a material impact on the financial position of the Company.

      The Company has received copies of statutory notifications dated 30 and 31 July 2013 from lenders to Sunny Vista Realtors Private Limited (the Indian project company which owns the Panvel property) alleging that certain repayments under their respective loan agreements have not been met, that the loans are in default (in one case, wilful default), and that if the loans are not repaid in full together with interest within 60 days, enforcement action will be taken against Sunny Vista. The total sums stated to be now due are approximately 360 Crores (circa £37.66m) plus interest. The notices state that Sunny Vista is not permitted to transfer any of its assets without the relevant lenders' consents. However, the extent of the security over the assets which are to be the subject of enforcement is as yet unclear, as are the circumstances surrounding such enforcement.

      The Company has also received copies of a petition from Tata Capital Financial Services Limited against Hiranandani Palace Gardens Pvt Ltd, the Indian project company which owns the Chennai Township residential development. The petition requests the High Court of Bombay to appoint a provisional liquidator over Hiranandani Palace Gardens pending a hearing to appoint a liquidator and demands that Hiranandani Palace Gardens be ordered to deposit 82 Crores (circa £8.58m) plus interest at the Court. The evidence in support of the petition alleges irregularities in connection with obtaining the loan from Tata, that the company is commercially insolvent and unable to pay its debts in the ordinary course of business as and when they fall due, and that the management should not be allowed to carry on its business any further as that will inevitably result in incurring further debts with no reasonable expectation and/or capacity to repay the same.

      These loans are obligations of the Indian project companies and are not of Hirco Plc. The common equity in the Indian project companies is held by "the Burke Companies," Mauritius domiciled companies owned by interests associated with the Hiranandani family. Because the Company is not a party to these loan agreements, it is not a party to these proceedings. Nonetheless, it is endeavouring to establish further information regarding the enforcement action and the potential consequences in relation to the value of the preference shares the Company holds. The Board is seeking information on these points so that the financial position of the Company can be clarified.

      Separately, the Board wishes to disclose information which has come to light in respect of a potential offer for the projects held through the Burke Companies. The Board understands that the Burke companies received an indication of a potential offer some months ago which, if made, would be to purchase the entire issued share capital of the Indian project companies they own. Since becoming aware of a potential offer, the Board has been seeking to establish further information which may verify and confirm the validity of such potential offer. The Board's current understanding is that if that potential offer were made, accepted and implemented, the Burke Companies would be able to redeem the Company's preference shares in return for £100 million (payable over a number of years) in full and final settlement of the Company's rights in those shares. The Board has now received information that an indicative timetable has been received by the Burke Companies outlining the process to a potential offer and also that due diligence work has commenced. In light of this, the Board feels that the indication of an offer may have substance and is seeking further clarification.

      The Company cannot be certain that an offer in an appropriate amount with appropriate legal protections guaranteeing payment would be made for the shares of the Indian project companies, that the various boards of directors would accept such an offer, that any third party consents or approvals would be obtained, that the Company would receive proceeds from any transaction, or that any proceeds would ultimately be distributed to Company shareholders.

      Notwithstanding these developments, the Company continues to pursue redress through the litigation and arbitration proceedings which are ongoing.

      The Company requested a suspension of trading in its shares on AIM pending clarity on the financial position of the Company pursuant to any of the enforcement actions and will seek reinstatement of trading in the Company shares once the Company is in a position to make a full announcement on this issue in accordance with AIM Rule 10.

      News | Interactive Investor
      Great post.......panvel project seems to be in serious trouble...

      Comment


      • Re : Palace Garden, Hirco Group, Panvel, Mumbai

        Hey Realebuyer,
        panvel project seems to be in serious trouble........WRONG.

        We r in serious trouble, the Buyers......
        Hiranandani guys r a big goal--maal, they will re-cover.

        Comment


        • Re : Palace Garden, Hirco Group, Panvel, Mumbai

          Originally posted by vinchi View Post
          Hey Realebuyer,
          panvel project seems to be in serious trouble........WRONG.

          We r in serious trouble, the Buyers......
          Hiranandani guys r a big goal--maal, they will re-cover.
          What do u mean by GOL_MAL - we are all MALLED IN GOAL dear.... Vinchi.

          http://www.youtube.com/watch?v=mchDikR-AAw

          Last edited September 1 2013, 11:17 PM.

          Comment


          • Re : Palace Garden, Hirco Group, Panvel, Mumbai

            Hi Guys,
            The govt has introduced a new tax called TDS from march 2013,we need to pay 1% after 50 lakhs.can anyone put some more light on this only if they have correct information.,I assume we need to deduct the amount (TDS ) and pay to the builder,for every installment. plz correct me if i am wrong,thanks.

            Comment


            • Re : Palace Garden, Hirco Group, Panvel, Mumbai

              [QUOTE=vinchi;963762]Hi Guys,
              The govt has introduced a new tax called TDS from march 2013,

              YES off course, Govt can implement anything on what they want & desire....
              They can ask fro some POVERTY TAX also....
              Hell, of this GOVT....
              They are not bothered to collect & bring Money from BLACK MARKET,
              Not bothered to bring back SWISS money,
              How this India is going to go ahead GOK{God Only Knows}.

              Vinchi look;
              If booking amount is less than 50 lakhs ( whether booked after or before 1st Jun,13) then TDS doesn't apply

              If booking amount is more than 50 lakhs then all payment (whether booked after or before 1st Jun,13) after 1st Jun,13 will require 1% TDS deduction .
              READ MORE ON:
              Tax Information Network
              What is TDS on property?
              The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor


              Who is responsible to deduct the TDS on sale of Property?
              According to rules in respect of tax deducted at source, buyer of the property would have to deduct the TDS and deposit the same in Government treasury.


              I am Buyer, do I required to procure TAN to report the TDS on sale of Property?
              Buyer or Purchaser of the property is not required to procure Tax Deduction Account Number (TAN). The Buyer is required quote his or her PAN and sellers PAN.


              What if I don't have the PAN of the seller is it Mandatory?
              PAN of the seller is mandatory. The same may be acquired from the Seller before effecting the transaction.


              How can I use this facility to pay TDS on sale of Property?
              The Buyer of the property (deductor of tax) has to furnish information regarding the transaction online on the TIN website. After successfully providing details of transaction deductor can:
              • Either make the payment online (through e-tax payment option) immediately;
              • Or make the payment subsequently through e-tax payment option (net-banking account) or by visiting any of the authorized Bank branches. However, such bank branches will make e-payment without digitization of any challan. The bank will get the challan details from the online form filled on www.tin-nsdl.com


              Hope this suffice all dudes/FRIENDS....

              savvy_v

              Comment


              • Re : Palace Garden, Hirco Group, Panvel, Mumbai

                Originally posted by vinchi View Post
                Hey Realebuyer,
                panvel project seems to be in serious trouble........WRONG.

                We r in serious trouble, the Buyers......
                Hiranandani guys r a big goal--maal, they will re-cover.
                What does this mean? Phase 1 investor are stuck? They have lost money?

                Comment


                • Re : Palace Garden, Hirco Group, Panvel, Mumbai

                  Hiranandani in such a low rate. I cant believe such advertisements. As hiranandani have the rates on very higher side. Per sq ft rates are around 13 - 15 k. Please re check the property before investing in it.

                  Comment


                  • Re : Palace Garden, Hirco Group, Panvel, Mumbai

                    Do we get a refund of Car parking payment now.

                    ‘Can’t charge flat buyer extra for parking slot’ - The Times of India

                    Comment


                    • Re : Palace Garden, Hirco Group, Panvel, Mumbai

                      Originally posted by ashuny View Post
                      What does this mean? Phase 1 investor are stuck? They have lost money?
                      Hi Ashuny,
                      According to me yes they have lost money as 95% money is taken from them and no confirmation when they will get possession in writing,if even work is going on may be at snails pace. Another point is assume even if they get possession next year or so,who would want to live or even rent as there r no takers for commercial,they r even broke and cannot sell the new inventery,so they r planning to start phase 2.when i say broke it is commercially not personel.

                      Best Wishes.

                      Comment

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