Hiranandani, real estate
This is a collection of articles archived for the excellence of their content. |
Family dispute
The Times of India, May 11 2016
Daughter takes Hiranandani, son to court over property
Swati Deshpande In yet another chapter in the battle raging on in Mumbai's leading real estate family , Niranjan Hiranandani and his daughter Priya Vandrevala have moved court against each other over family properties, including in Mumbai. At stake is $7 million, claims Priya.
Priya, who lives in London, dragged her father and her brother Darshan Hiranandani to the Delhi HC to restrain them from “alienating their Powai properties“ and diluting their stake in the partnership firm. She said the reason for seeking such protective orders is because she expects a final award from an international arbitration tribunal in her favour any day now. Priya and her father fell out in 2009.
They had entered into a business deal in 2006 to jointly develop real estate in India. The deal, a `business associate agreement', excluded certain ongoing projects that Niranjan and Darshan were permitted to continue with. Priya's case is that when she found they were going ahead with certain developments they were not permitted under the deal, she invoked the arbitration clause.
In 2010, the dispute landed before the London Court of International Arbitration, a leading arbitral body . The panel was headed by former British first lady Cherie Blair -TOI was the first to write about this. Her plea said the tribunal had passed an interim award (decision) in her favour partially in 2013 by holding that the fatherson duo was in breach of several clauses of the pact and she was liable to be paid damages. Priya said the arbitral tribunal in London has indicated its intent to issue a liability phase costs award of $7 million to her.
Niranjan opposed Priya's petition and questioned the very jurisdiction of the Delhi HC to hear it. She too opposed his petition as “frivolous“.
