LONDON and MUMBAI, India, Dec. 21, 2016 /PRNewswire/ -- In a final blow to Hirco PLC and Hirco Holdings (Hirco) and the litigation funding shareholders of Hirco, all court cases were discontinued against Niranjan and Priya Hiranandani and the family members were also awarded costs.
A spokesman for The Priya Hiranandani Group commented:
"Hirco, with the support of their litigation funders, issued proceedings in the Isle of Man and England three years ago, but never prosecuted what we have always maintained were spurious and baseless claims against Ms. Hiranandani-Vandrevala. Now the case has been discontinued completely and thoroughly without it ever being substantively progressed. After years of waiting to clear Ma'am's name we are gratified that this case is over with the plaintiffs walking away without a penny and our position in this matter has been totally vindicated."
Hirco now owes the Hiranandanis and others over $20 million.
The Priya Hiranandani-Vandrevala legal team will proceed against all appropriate parties to recover the full costs of litigation.
Final comment from the Priya Hiranandani Group spokesperson:
The public markets allow people to acquire businesses that have no actual "business" other than to fund litigation. We believe there should be laws barring litigation funders from investing in companies and hoping to profit at the expense of those companies without actually doing anything. It is our hope that as a society, we may draw some lessons from this case.
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SOURCE The Priya Hiranandani Group