Hiranandani's Merger Proposal Scam ?

Be it DLF, Unitech or Hiranandani all the Indian Realtors have to have shady practices since "Black Money" drives the Indian Real Estate.

We all know about the Satyam + Maytas Scam that rocked the country last week. In a Hush Hush Move, Hiranandanis were planning to merge Hirco Developments and Hiranandani Investment Companies with Hirco, which would have given the promoters a stake of 50% instead of 20%.

Colin Kingsnorth of Laxey Partners who holds 10% in Hirco said,

We were appalled by their proposal and it had no merits other than to the Hiranandanis. Earlier, in a letter to other shareholders, Laxey Partners had argued that the merger was shocking and ill-conceived.

Under severe pressure, Hirco announced that EGM scheduled for January 16 in Mumbai to vote on these proposals has been adjourned till further written notice. AIM Listed Indian Realty funds already has no takers and during such a time the promoters want to crate a scam, who will tolerate :-)