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.
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