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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