HIRCO PLC

Hirco Plc is a closed-ended investment company that was formed in 2006 to invest in certain FDI compliant Indian real estate development projects to be sourced by Niranjan Hiranandani, his wife Kamal Hiranandani and entities controlled by them. Niranjan Hiranandani was the Company’s Chairman at inception and his daughter, Priya Hiranandani-Vandrevala was its Chief Executive Officer. The Company invested in preference shares issued by Mauritius entities. Those Mauritius entities made two investments, one in a township project in Panvel and the other in a township project in Chennai. Those projects were controlled by Hiranandani-controlled “project companies.” Hirco PLC had limited contractual rights over the development of the projects and no control over the sale of completed units. In addition to the investment capital Hirco PLC indirectly provided, local banks provided debt financing to the Hiranandani controlled entities. Neither project has come to fruition and as of December 2013, both projects are being foreclosed on by lenders, who claim the Hiranandani-controlled project companies had defaulted on their repayment obligations. Hirco PLC to date has received no interest or dividends from its investment and no payments advanced by purchases of units have passed to Hirco PLC.