Forbes – India-focused property firm Hirco Plc said on Monday hedge fund and shareholder Laxey Partners Ltd has sought a shareholder meeting to remove chairman and two other board members, and to appoint its nominees on Hirco board.

Laxey has also urged Hirco’s directors to consider appointing a new chairman independent of the Hiranandani family, the company said in a statement.
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‘The board is taking legal advice as to the validity of the proposed requisition and due process. It considers the proposals are not in the company’s best interests and are misguided,’ Hirco said.

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