Heera Group deposits Rs 641 crores in the SC for claimants
The Heera Group of Companies set an example for other companies to take the help of law to restore the company’s dignity, investors’ trust and confidence : Dr Nowhera Shaik
Hyderabad-based Heera Group has deposited Rs 641 crore in the Supreme Court of India (CA No. 761-762/2021 dated 21.08.2023) for securing the interest of investors.
“It is nothing but pure Heera” we are finally vindicated,” says Dr. Nowhera Shaik, reacting to the development.
Earlier, on 10 November 2022, the Heera Group had submitted before the supreme court in a sealed cover assets worth Rs 400 crore for the settlement of verified claims. The court said all properties of Heera Group must be detached. Heera Group’s rights on the properties including the right to sell, will be reinstated after the group has deposited Rs 641crore through a bank draft.
SFIO shall deal with all existing and new warrants issued by the lower court in the Heera Group case. TSFSL’s failure to submit the report on Heera Group data is a point of concern. The verification procedure shall be accomplished in coordination with SFIO and the Heera Group.
On behalf of the company, Dr. Shaik assured her investors that their claims would be met as soon as possible. She said in a message that the amount is sufficient to meet all the claims since the properties’ identification and valuation were already done.
“Nothing but the trust of my investors is my real Heera, says Shaik who is CEO of the company. “I’ll preserve it, come what may,” she claimed.
Reiterating that the Heera Group follows an interest-free business model, Dr. Nowhera Shaik elaborated that the move to offer prime assets 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, Dr. Nowhera Shaik has set an example for companies to take the help of law to restore the company’s dignity, investors’ trust and confidence. Using it as an example, other company can face challenges if any they face in future. END
