ED attachment of prime property of Heera group should be lifted: SC

Earlier on March 24, 2022, the Supreme Court order had noted, “the petitioners again state that they have no objection as long as any of the properties numbering 87 attached are sold in a transparent manner and as per a reasonable market price and they will also assist the SFIO in that process.”

Following this the Heera group pointed out that the ED registered an FIR for putting up a Board in their own property and inviting applications for the buyers as per the orders of the SC. The Court said that the ED launched the FIR only to put up the board as per its order. The Supreme Court order clearly stated that such FIR was on stay.

The SFIO has been assigned to deal with all existing and new warrants issued by the lower court in the Heera Group case which is a big relief for CEO Nowhera Shaik & Heera group.

The investigation is stated to have been completed which is kept by the SFIO.

The Division Bench of SC in its order on 10 Nov said, “FSL lab is concerned, the story is almost 4 years old but still the report has not come as yet. SFIO to once again take up the issue of ensuring that finality is put to the issue of the FSL report as according to the petitioners (SFIO) some of the challenges expressed by the tax consultant also arise from the seizure of the computers and the same lying with the FSL lab.”

Justice SK Kaul had observed, “two years is a long time to find evidence. Obviously, our sympathies will then lie with the Heera group”.

On behalf of the company, Nowhera Shaik assured her investors that their claims would be met sooner. The single property out of 87 is sufficient to meet all the claims since the single properties’ identification and valuation were Rs 800 crore. Earlier, the Division bench of the Supreme Court, headed by Justice S.K. Kaul ordered, ” fix 30th November 2022 as the last date for receiving any claims where after it will be presumed that the claims have been abandoned/do not exist.”

Nothing but the Trust of my investors is my real Heera, says CEO Nowhera Shaik. “I’ll preserve it, come what may,’ thundered Nowhera Shaik.

Reiterating that the Heera Group follows an interest-free business model, Nowhera Shaik elaborated that the move to offer the prime assets in Tolychowki, Hyderabad is to retain the trust and confidence of its investors. She added, “All genuine investors are a valuable part of the Heera Group family and will continue to be a part of its historic business journey. This is our shared vision for prosperity”.

Fighting a long legal battle to protect the rights of the company and investors, Nowhera Shaik has set an example for companies to take the help of law to restore the company’s dignity, investors’ trust and confidence from any business challenges.