Niranjan Hiranandani, chairman of London-listed Hirco Plc, has resigned in the backdrop of the Central Bureau of Investigation (CBI) inquiry against him in a possible breach of the Employees Provident Fund Act.
Hirco Plc, a real estate investment firm floated by Mumbai-based Hiranandani Group,on Monday announced an investment of pound 47.9 million (about Rs 400 crore) to develop a township in Chennai.
"We are developing two projects in Chennai and Panvel near Mumbai which will have both residential and commercial properties. We are going to put in $4-5 billion over a period of 10 years in completing these projects."
Hiranandani Group's real estate investment firm, Hirco Plc on Thursday announced it will invest over Rs 1,000 crore (28.4 million pounds) in a commercial township development project near Mumbai.
Valuations of projects dated, says valuer. Also, angry shareholders could come together to oppose the proposed reverse merger.
The managing director of a US-based pension fund blamed the fall on the carnage in stock markets globally and the heavy pullout by investors. "Last year saw unprecedented pullouts by hedge funds as they faced huge redemption pressure. Lots of investors believed they had paid too much and sold off. Most of the funds were listed in 2006 when realty prices were high. But now, prices have come down in most parts of the world."
An Indian billionaire couple in the United Kingdom are planning a mega birthday bash for Prince Charles when he turns 65 in November.
Younger brother Surendra wants to re-invest his share in real estate and education
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