Hirco Share Discussion Threads

[nilip] 09/7/2012 10:25

FIR against builder, bureaucrat in Mumbai land scam

IANS – Fri 6 Jul, 2012 2:03 PM IST

The Anti-Corruption Bureau (ACB) filed an FIR Thursday against realtor Niranjan Hiranandani and Maharashtra's Additional Chief Secretary T.C. Benjamin in a Rs.45,000 crore land scandal.
In an embarrassment for the state government, special judge V.A. Daulatabadkar had on Tuesday asked ACB to lodge a first information report (FIR) under Section 156 (3) of the Criminal Procedure Code.
The order came after a complaint by activist Santosh Daundkara against Benjamin, Hiranandani and other civic officials for alleged involvement in the land scam that is worth Rs.45,000 crore.
Police officer-turned-lawyer, Y.P. Singh, and advocate Kiran Bhalerao represented the petitioner.
Daundkara's lawyers said after the FIR was lodged that ACB would be empowered to arrest the accused and carry out searches.
"The FIR specifies the quantum of fraud as Rs.30,000 crore. However, as per current rates the value of the fraud is Rs.45,000 crore," Singh said.
"Hiranandani, a frequent visitor to the state secretariat, is known for his proximity to senior politicians and high-level bureaucrats. But for the co-operation of such people this massive scam would never have happened," he added.
The complaint would be processed under various sections of the Prevention of Corruption Act, 1988, the Urban Land (Ceiling & Regulation) Act, 1976, and the Maharashtra Regional and Town Planning Act, 1966.
The complaint was originally lodged by Daundkar with the ACB on June 30 2011. The agency, however, referred the matter to the state government as it involved bureaucrats.
Daundkar alleged that a fraud was played on common people, and provisions of public housing rules were flouted by the builder in connivance with officials.
After the ACB failed to move in the matter, Daundkar lodged a criminal complaint with the ACB special court in April this year.

[david_99] 15/6/2012 16:30

Hirco's troubles show no sign of letting up

Thu 14 June 2012 12:55


Hirco, a real estate investment firm, disappointed investors on Thursday after its results for the half year ended March 31st showed a further decline in net assets.

Net assets fell to £223.6m from £251.4m at September 30th 2011, which the company blamed firstly on the continuing deterioration in the Indian economic outlook, which has led to considerable weakening of the Indian rupee against the pound, and secondly on the continued slow progress in terms of sales at the projects.

The project companies' net asset positions have declined by £13.5m since the end of September.

In a statement the group warned: "A return to the growth rates of more recent years with real progress on investments in key areas of infrastructure will be critical to the success of those projects in which we are invested.

"Progress over this half year has been modest and we understand that no commitments have yet been made to launch the next phase of development at either site."

The firm also said that the preference dividend accruing for the half year, which amounts to £33.3m, has had to be provided against in the amount of £25.8m, as the investment in the projects is insufficient to cover the full amount of this obligation. At the year end the accounting basis of the investment will be subject to a full review to determine whether the current method of accounting is still appropriate.

...

[praipus] 14/6/2012 14:39

Are HRCO shares over valued?

[burnage] 14/6/2012 10:13

This is turning into a BIG BAD DOG !

Picked up a few at 47p - down >10% already.

Best to get rid ?

[praipus] 14/6/2012 09:53

See what you mean...

LBO any chance of adding INRGBP chart to the header?



I bet the arbs here are short Indian Rupee.

The curious thing is India has very little debt and a free floating currency unlike some other countries we all know, so are beautifully positioned for recovery.

[hugepants] 14/6/2012 09:34

Interims out. They look abject.

[hugepants] 28/5/2012 19:34

Airport website has taken off.

That's not even remotely funny.

[scburbs] 28/5/2012 18:20

Airport website has taken off.

[smurfy2001] 16/5/2012 23:28

Strong sell

[scburbs] 07/5/2012 16:18

"Fed up with repeated hurdles in developing the much-awaited and much-delayed Navi Mumbai international airport, the state government plans to use a British-era land acquisition law to acquire land for the Rs14,573 crore project. Senior government officials said unreasonable demands from farmers have compelled them to fall back on the colonised Land Acquisition Act, 1894.

[solar_br] 04/5/2012 11:25

Why do I get the impression we could be about to get some bad news here!?

Share price very quietly trickling down.

[scburbs] 17/4/2012 13:16

I assume she didn't calculate the $300m loss to her by extrapolating the performance of the Hirco land over other projects!

[lbo] 17/4/2012 11:23

Hiranandani family dispute to be settled by middle of the year

[scburbs] 17/4/2012 07:45

"India unexpectedly slashed its benchmark interest rate by half a percentage point, seeking to bolster growth with the first reduction since 2009. Inflation might limit the room for further cuts, the central bank said.

Governor Duvvuri Subbarao lowered the repurchase rate to 8 percent from 8.5 percent, the Reserve Bank of India said in a statement in Mumbai today. The outcome was predicted by three of 25 economists in a Bloomberg News survey. Seventeen expected a 0.25 percentage-point cut and the rest predicted no change."

[lbo] 04/4/2012 21:13

Cherie Blair to settle feud in Hiranandani family

[scburbs] 03/4/2012 16:44

"State-owned IDBI Bank on Friday slashed its floating home loan rates by 25-75 basis points in different slabs.

...

On Sunday, Canara Bank slashed home loan rates by up to 175 basis points (100 basis points equal one percentage points.)"

[hvs] 29/3/2012 18:14

Its a good curry , let it boil.

What a larf. Yet still it might just taste NICE.

Is there an ingredient called CORRUPT when u make a curry , anyone help ?

[scburbs] 16/3/2012 13:17

"It's Navi Mumbai's time in the sun. Union railway minister has given the green light to all proposed mega projects which aim to change the face of rail connectivity to this region and parts of Raigad district.