Hiranandani real estate heiress fights dad, brother for share of Rs. 3,000 Crore fortune
Niranjan Hiranandani, the real estate tycoon who created the eponymous enclave in Mumbai’s Powai area is fighting with his daughter Priya Vandrevala, a self-confessed rebel, for a property worth at least Rs. 3,000 crore.
Hiranandani and his son Darshan last month fired latest round, when they moved to the Bombay High Court to restrain Priya’s company, Hiranandani Living, from using the family name. As damages for alleged trademark infringement, they even claimed 50 crore.
A lawyer, representing a third party in the dispute, believed the case could be a strategy to get Priya, who had earlier filed arbitrations proceedings against her father and brother in London, to the negotiating table.
He added “Family disputes aren’t very easy to resolve as egos get easily bruised. This gives it new and complex layers. Then it’s no longer a matter of just sorting out a financial matter.” On this report, Niranjan, Darshan and Priya did not respond to phone calls and emails from HT for comments.
Among the long list of cases that emanate from a reported family agreement (on sharing profits) drawn up in 2006, this case was the latest to which her father, brother and Priya were parties. Niranjan and Darshan disagree on the existence of such a contract.
Hiranandanis, Priya and her second husband Cyrus Vandrevala, a London-based businessman, in the same year, floated Hirco Plc, which rose over £350 million on London’s Alternative Investment Market.
They had a plan to invest this money in various Hiranandani projects, primarily with Niranjan as non-executive chairman and Priya as chief executive did well and earned millions of pounds in profits.
Hirco went into loss due to its two large projects, Hiranandani Palace Gardens in Chennai, and another one in Panvel near Mumbai ran into danger, having a combined value of more than 3,000 crore approximately.
Priya, one of the Young Global Leaders named by World Economic Forum in 2011,answered by filing arbitration proceedings in London in 2010, against her father and brother claiming that the family agreement was not being adhered to. She suspected that she was kept in the dark about 28 real estate deals which caused her massive monetary losses. Both father and daughter quit their positions in the company subsequently.
Last year when Hirco sued Niranjan and Priya claimed £220 million (`2,200 crore) in damages, thereafter the dispute took a peculiar turn.
A spokesperson for Priya’s company quoted in a news report, “Priya Hiranandani has owned the trademark since 2008 and is surprised at the suit. She is happy to defend the claim in court but saddened to see that family members would do this than phone her and discuss matters over a cup of tea.”
Attempts at a settlement are difficult by the fact that in December last year, the Bombay High Court appointed a receiver to manage Hiranandani Palace Gardens, Chennai, as mentioned by sources who know both sides.
But they are still hopeful of some kind of a settlement.
Source: Hindustan Times
Bombay High Court, Chennai, Cyrus Vandrevala, Darshan, Hiranandani Palace Gardens, Hirco Plc, London, Mumbai’s, Niranjan Hiranandani, Panvel, Powai, Priya Vandrevala, World Economic Forum
