Laxey Partners, Colin Kingsnorth's activist investor, has called an emergency meeting of the AIM-listed Indian property developer for a vote on overhauling the board.

Laxey, which holds an 11% stake in Hirco, has demanded that Niranjan Hiranandani, the chairman and father of Priya Hiranandani, the chief executive, steps down. It wants to parachute in four independent directors, including Andrew Pegge, a Laxey co-founder, and Michael Haxby, a Laxey executive.

Laxey has called on Hirco to consider a chairman who is independent of the Hiranandani family, the wealthy Indian property entrepreneurs who run the local subsidiaries of Hirco and have a significant stake in the London group.

The Times