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Mumbai real estate major Hiranandani: Link to BVI, trust with $60 million in assets

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Mumbai real estate major Hiranandani: Link to BVI, trust with  million in assets

Niranjan Hiranandani, founder of the Mumbai-based real estate giant Hiranandani Group, and key members of his family are all beneficiaries of trusts with assets of more than 60 million U.S. dollars. Niranjan is the “backup director” of at least three companies founded by his son in Dubai in the British Virgin Islands (BVI), which are listed in the Pandora documents investigated by the Indian Express.

The British Virgin Islands Business Companies Act provides for the appointment of a reserve director to take action in the event of the death of the sole director of the company. According to Trident Trust Company records researched by the Indian Express, Hiranandani’s 39-year-old son Darshan Hiranandani founded at least 25 companies and served as directors between 2006 and 2008. The Solitaire Trust founded the BVI.

In the following years, the equity of these companies was transferred to The Solitaire Trust, which has assets of more than US$60 million, in May 2017. In response to an e-mailed question from India Express, Darshan Hiranandani said: “Since 2007, my personal trust has established assets. All funds remitted to the trust are sent by me.”

Trident Trust records show that Hiranandanis is the beneficiary of The Solitaire Trust Darshan Hiranandani is also one of the beneficiaries of the trust, his father Niranjan, mother Kamal, sister Priya, Hiranandani Foundation and the client’s issues (offspring). Darshan is the director of most BVI companies he founded before 2008, but his father Niranjan is the “backup director” of at least three of them: Hircon (BVI) Limited, Horizon Hotels (BVI) Limited and Burke Consolidated.

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Startups that use excerpts from their own pitch are sent legal notifications by Shark Tank India; the creator responds, “Kaise banega naya India?”

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Startups that use excerpts from their own pitch are sent legal notifications by Shark Tank India; the creator responds, “Kaise banega naya India?”

After getting a legal letter from Sony Pictures for copyright infringement, the subscription-based tea business Dorje Teas found itself in deep water for utilising footage from their own pitch on YouTube and Meta advertisements.

The founders of the subscription-based tea company Dorje Teas, Ishaan Kanoria and Sparsh Agarwal.

While many entrepreneurs, especially those with startups, have found transformation through the business reality TV series Shark Tank India, the narrative is slightly different for Dorje Teas, a subscription-based tea firm that ships organic and fresh-from-the-farm Darjeeling Tea to consumers throughout India. Sony Pictures Networks India slapped the firm with a legal notice, which has placed it in hot water.

Co-founder Sparsh Agarwal of the company, who brought Dorje Teas to Shark Tank India last year and raised funds of Rs 30 lakh for 15% equity from Anupam Mittal, Peyush Bansal, and Vineeta Singh, valued the business at Rs 2 crore, recently revealed on LinkedIn that they received a legal notice from Shark Tank India for utilising snippets of their own pitch.

Agarwal claims that they received a notification about copyright infringement for utilising these clips in YouTube and Meta advertisements. It appears that Sony Pictures has sent notice to other companies besides Dorje Teas. He said, “They’ve clamped down on every single startup that showed up on Shark Tank, so we’re not the only ones.”

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“I don’t understand why they would do this, even though I am aware of the copyright rules that justify it. After all, Dorje Teas and several other businesses, like Skippi, Assembly, Perfora, Hoovu Fresh, Beyond Snack, Wakao Foods, Nasher Miles, and many more, invest thousands of dollars each month to enhance Shark Tank content, which helps the Shark Tank India brand get free exposure and increase brand memory,” he continued.

Agarwal went on to call it a poor business choice that some executive or lawyer at Sony had made, adding that it “goes against the entire ethos of promoting small startups.”

Additionally, the focus of Shark Tank Season 3 has been on creating a new India and assisting the startup environment in India. “How will we construct a ‘new India’ in this manner?’” he questioned in a self-recorded video.

On social media, Agarwal was met with praise, while some contended that Sony’s actions were legitimate in theory. “Dear Sparsh, you must realise that ‘You are the content’ in this situation. You play a big part in content production. You posted the material that features you on your social media accounts (Facebook, Instagram, YouTube, and so on), but not on Sony’s. You might say that the traffic they were supposed to get was somehow redirected to them. A content strategist made the observation, “You are monetizing your social channels with the content they produce.”

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“The first person to provide a sneak peek in the content industry attracts greater attention. Furthermore, it’s possible that you agreed to sign a waiver giving them perpetual rights to the footage they shot. They said, “Verify your contract or try to recall signing any electronic documents on the filming locations that make this clear.

“You are investing lakhs of dollars to promote Shark Tank, while Shark Tank is investing billions of dollars to plan and publicise the programme that features your brand.” Simply alter your viewpoint, as another poster pointed out.

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