Saturday, January 17, 2009

Hiranandani's put off EGM to vote on merger plans

As issues of corporate governance in Indian companies hog the headlines, the Hiranandanis have had to rethink their plans to merge Hirco plc, the Aim-listed India-focused property fund with property companies owned by the Hiranandani family in India, in the face of opposition from international investors.

In a notice to the London Stock Exchange on Monday, Hirco plc announced that the EGM scheduled for 16 January in Mumbai to vote on these proposals has been adjourned till 'further written notice'.

'Over the past week, the company has met and spoken with a number of shareholders including Laxey Partners. Following these discussions it is apparent that there is a variety of views about the proposed merger, and how best to address Hirco's share price discount. The Board feels it essential that sufficient time is allowed for all views to be considered and discussions to be held with shareholders,' Hirco plc said in a notice.
To read more, please, visit - Sudeshna Sen-The Economic Times

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