Hiranandani says no out-of-court settlement with Hirco Plc

Niranajan Hiranandani, MD, Hiranandani Group has ruled out an out-of-court settlement with Hirco Plc. Talking to CNBC-TV18, Hiranandani said they had a strong case against Hirco's USD 350 million claim. In February last year, Hirco had sued Hiranandani and his daughter in a lower court in the Isle of Man, alleging they had committed fraud and other misconduct prior to their resignation as chairman and CEO of Hirco in 2010. The lower court had ruled in Hirco's favour on the issue of jurisdiction in the case, and the verdict was upheld by the Isle of Man Appellate Court as well.Hiranandani said: “We were looking for an adjudication that this jurisdiction should be India because the properties were in India of course the Isle of Man has rejected that, so the case will go in Isle of Man. It makes no difference whatsoever, we have an excellent case and they don't have a good case at all. We are absolutely right, we should be able to justify ourselves in the Isle of Man ultimately but we were looking that the jurisdiction would be India and only that is what we have lost - only the question of jurisdiction not the case.”