Lack of transparency and mismanagement of Hirco Plc by the Hiranandani family has hurt the interests of investors, the UK-based investment firm's board members have alleged.

John Chapman, chairman & non-executive director of Hirco, has alleged that they haven't been given interest, dividend and share of profits they are entitled to.

Speaking on the topic, Chapman said, "Under the preference share agreement, Hirco is supposed to get the principal, interest and a profit split of 60:40. We are supposed to receive 12% interest, a dividend and share of profits. But we have not received a cent."

On Monday, Chapman and the company's senior non-executive director Peter Barge were in Mumbai to discuss the issue with real-estate experts, banks and the Hirco Group.

Founded in 2006 to invest in India's real-estate sector, Hirco had raised 350 million pounds via an initial public offering (IPO) on the Alternative Investment Market in London and invested the money in two rear-estate projects in Chennai and Panvel near Mumbai.

Both projects were managed by the Hiranandanis who failed to complete the projects, prompting lenders to take legal action to recover their money. In July this year, Tata Capital Financial Services Ltd filed a winding-up plea against Hiranandani Palace Gardens.

Most recently, investors have filed a law suit against former chairman Niranjan Hiranandani and his daughter Priya Hiranandani in an Isle of Man court, demanding 220 million pounds (nearly Rs 2,200 crore) in damages.