Hirco PLC,the London-listed company,has come out strongly against the proposals of hedge fund Laxey Partners to oust its promoter Hiranandanis,saying that they are misguided and run directly against the interests of the company. Recommending that shareholders should vote against all of the resolutions,it said if any of the resolutions were passed at the EGM,all remaining directors will resign from the board. The EGM has been set for May 6,2009.
Laxeys rift with Hirco started as the board proposed to merge its two special purpose vehicles based in Mumbai and Chennai with itself. Laxey acquired an interest in 6.07 per cent of the company in July 2008 and in October began to agitate for change.