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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

    Originally posted by savvy_v View Post
    EXACTLY.... DEE

    U have to understand majority of people are not in INDIA as they have invested from abroad....as they are

    NRI
    NAHI RAHANA INDIA ME....

    Well I am joining yr group.
    when u r visiting HIRCO let me know....

    Savvy_v
    We have visited HIRCO yesterday and one of the response we got from them is I am the only
    customer who is asking for status and no one else is bothering them.
    and also they communicated they are not aware what will happen in future they are also employee of the company.

    We all need start bothering them and start posting what ever they are communicating to us as an individual and then if tell different things to different people we need to ask them

    Comment


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

      I called them multiple times and they did not pick-up phone. Finally was able to get in touch yesterday ..and the response (over phone and in an email) that I got was as below

      " Senior Management is already amicably working and is looking forward to resolve this matter "

      Comment


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

        Deegupta, whom did you meet..? try to get hold of Tarun Mukharjee at least ...

        By the way ..can anyone summarise in brief what the actual problem happened in HIRCO.. we all know they have run out of fund but it looks pretty confusing ..there is HIRCO AIM arm, HIRCO India...Hiranandani ....Burke ...Sunny ....Niranjan,,, Priya ete etc ...on one hand they say Niran and Priya have resigned from Board..on the other hand they have big interest in the company and Hirnandani name continues to be used for the project ..

        Realbuyer I am looking towards you as you seem to have maximum knowledge of this..

        Comment


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

          Malkotia, problems can be summarised as follows:

          1. HIRCO PLC (UK listed entity) has shares in the Burke Entities........so in short, has a economic interest in the projects...they were due to receive 12% interest per year on circa£350m....received nothing too date....and a return of the £350m plus 40% of residual profits;

          2. Priya is having a fight with father and son, which now she seems to have won under arbitration;
          3. Project level companies borrowed monies from Indian banks and they want their money back too;

          Thats it in a nutshell......the £350m appears to have been paid to Mr Hiranandani for the land and goodwill of managing the projects......if it had all been spent on the project itself it would have been completed by now!! Thats probably what the fight was about between the daughter and father........as this was all conceived by her and Cyrus.

          Comment


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

            Originally posted by Viking View Post
            Malkotia, problems can be summarised as follows:

            1. HIRCO PLC (UK listed entity) has shares in the Burke Entities........so in short, has a economic interest in the projects...they were due to receive 12% interest per year on circa£350m....received nothing too date....and a return of the £350m plus 40% of residual profits;

            2. Priya is having a fight with father and son, which now she seems to have won under arbitration;
            3. Project level companies borrowed monies from Indian banks and they want their money back too;

            Thats it in a nutshell......the £350m appears to have been paid to Mr Hiranandani for the land and goodwill of managing the projects......if it had all been spent on the project itself it would have been completed by now!! Thats probably what the fight was about between the daughter and father........as this was all conceived by her and Cyrus.
            VKING
            i THINK U MUST HAVE SEEN MY POST IF NOT SEE THIS POST; #1566
            I presume u have joined just recently in this forum,and has lot of information;
            Probable you my be one of their earlier employee who resigned or removed ..
            But nevertheless,
            U can guide all forum members how & what should be strategy planning from your point of view.

            Can u give 10 point data, how to approach and all. DEEgupta & all are interested to know

            savvy_v
            Last edited by savvy_v; October 23 2013, 07:28 PM.

            Comment


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

              NRI Bakra ..[/QUOTE]

              btw MALKOTIA

              1] WHICH BUILDING invested.
              2] what was the last e-mail u have recd.
              3] where are u at the moment & when u planning to visit MUMBAI.
              which COUNTRY R U IN AS NRI BAKRA.
              savvy_v
              Last edited by savvy_v; October 23 2013, 07:55 PM.

              Comment


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

                Savvy_v......I am not in any way shape or form connected to any Hiranandani enterprise. I am just someone who purchased an apartment without doing the necessary due diligence myself. I have learnt from this little debacle! However, the strategy is simple......we all have to sit tight for 2 month until say 31 December 2013......as banks will exercise their rights and then one of the Hiranandani will put cards on the table. However, there are multiple games being played as it is not as simple as sorting the banks out at the auction of these assets. The HIRCO PLC shareholders (UK entity) will not want to walk away with nothing especially with £350Million in the game! So, i guess a deal with them will have to be struck or offered some new shareholding in a newly created vehicle......but they will want cash....as they have been patient for many years.....they may be happy with some sort of defined payment plan which is contractually water-tight......you can appreciate their hesitation as history is known to all.

                Comment


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

                  Originally posted by Viking View Post
                  Savvy_v......I am not in any way shape or form connected to any Hiranandani enterprise. I am just someone who purchased an apartment without doing the necessary due diligence myself. I have learnt from this little debacle! However, the strategy is simple......we all have to sit tight for 2 month until say 31 December 2013......as banks will exercise their rights and then one of the Hiranandani will put cards on the table. However, there are multiple games being played as it is not as simple as sorting the banks out at the auction of these assets. The HIRCO PLC shareholders (UK entity) will not want to walk away with nothing especially with £350Million in the game! So, i guess a deal with them will have to be struck or offered some new shareholding in a newly created vehicle......but they will want cash....as they have been patient for many years.....they may be happy with some sort of defined payment plan which is contractually water-tight......you can appreciate their hesitation as history is known to all.
                  So can we hope that work might start in the month of Jan of Feb? or expect delay to happen
                  please elaborate.

                  also for phase 1 how much work is pending any guess?

                  Comment


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

                    deegupta......phase 1 i understand requires internal finishing to be completed...........at this juncture, as you can imagine nothing is happening on site!! I would imagine we should see some activity in the New Year. The masters must first get all "their ducks in a row". My personal view is that the HIRANANDANI brand will be forever tarnished should this project not be a success. I suspect Mr NH is astute and aware of the knock-on effects this could have on all his other projects e.g. Thane...Rodas Enclave etc..etc...his reputation and brand, in my mind, will ensure he makes this project a success. Once, we have this clarity......prices should rise and this should be water under the bridge. Sit tight, relax and enjoy the flight..........there may be some moderate turbulence along the way but we will land at our destination even if the flight is delayed by a FEW YEARS!!!!

                    Comment


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

                      Originally posted by malkotia View Post
                      Deegupta, whom did you meet..? try to get hold of Tarun Mukharjee at least ...

                      By the way ..can anyone summarise in brief what the actual problem happened in HIRCO.. we all know they have run out of fund but it looks pretty confusing ..there is HIRCO AIM arm, HIRCO India...Hiranandani ....Burke ...Sunny ....Niranjan,,, Priya ete etc ...on one hand they say Niran and Priya have resigned from Board..on the other hand they have big interest in the company and Hirnandani name continues to be used for the project ..

                      Realbuyer I am looking towards you as you seem to have maximum knowledge of this..
                      Hiranandani had raised 350 mn from Aims using HIRCO PLC which it invested in India and appointed HDPL as developer for Chennai and Panvel.
                      What Hiranandani did was he bought land in India using 350 mn raised from AIM. Hiranandani then transferred all these lands on to his name except Chennal as Panvel still has Burke Component which is controlled by Hiranandani. This is when so called family feud started where Priya alleged that Niranjan had converted all the properties of Hirco on to his own name. After this Niranjan stepped down from Hirco board. On the other hand Hirco investors were kept in dark about the development activities which were carried out by HDPL in Panvel and Chennai and no interest was paid to Hirco plc on their invested amount. In 2010 even Priya stepped down bringing all the onus on Hirco plc.
                      The whole idea here was to siphon of investors money and then devaluate the company by showing heavy losses and then buying it at throw away price.
                      Here real sufferers are Hirco Plc investors who got nothing on their investment as all their money was eaten by Hiranandani.
                      Anyways now HDFC will auction it at throw away price which is win win situation for Hiranandani. It will take 2-3 quarters for HDFC to auction it.

                      I would call it well Orchestrated Corporate fraud of modern times....

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