Hirco plc, an investment vehicle for Hiranandani, country's leading residential developer, announced major changes in its board. Sir Rob Young, Priya Hiranandani and Nigel McGowan ceased to be directors of Hirco with effect from 22 September 2010.
Sir Rob Young and Nigel McGowan have been Non-Executive Directors and Priya Hiranandani has been Chief Executive Officer since the company's IPO in 2006. Nigel McGowan will continue to act as company secretary and Priya Hiranandani will continue to advise the Board as a consultant.
Niranjan Hiranandani, Chairman of Hirco Plc said, "Now that Hirco has invested its IPO proceeds, we recognise the sense in reducing the size of the board, but their experience and judgement has been much valued and will be missed." Shares of Hirco plc, an investment vehicle that invests in India with Hiranandani, are traded on the London Stock Exchange's AIM market.
Last year, Laxey Partners, the hedge fund which was holding 12% in Hirco exited the company by selling stake to HSBC. The exit came after 60% of the shareholders in Hirco’s extraordinary general body meeting voted against Laxey’s proposals to remove three directors of Hirco by replacing them with Laxey's own nominees. Laxey had opposed Hiranandani Group's proposal for merging two township projects and Hirco Developments with Hirco Plc.