Tuesday, October 4News That Matters

Heera Group opens its Hyderabad Office after SC’s Order

After being closed for more than three years, Heera Group reopened its central office in Hyderabad two weeks after the Supreme Court ordered officials to desecrate the offices of the scam-hit company to enable it to conduct business and repay investors’ money. The controversial company’s MD, Nowhera Shaik, was also granted temporary bail by the supreme court in January. After filing an affidavit saying that her release from custody is required to restore money to the investors, she was granted bail.

Heera Group

By the Hyderabad police in October 2018, Nowhera Shaik was taken into custody. Later, lawsuits were brought by a variety of parties—mostly investors—against Nowhera Shaikh and Heera Group in several jurisdictions and by different individuals. In cases where charge sheets have been either filed or complaints have been lodged, the court has ordered her to release all of the complainants’ obligations.

The Enforcement Directorate (ED) has also been ordered by the court to unfreeze the company’s HDFC bank account in Kerala so that payments can be made. In the press conference, Nowhera Shaik claimed that the legal actions brought against her and her business nationwide were “politically motivated.” According to Nowhera Shaik’s close associates, the investors who filed an FIR against Shaik will receive a 22 crore refund on a priority basis over the following six months.

“This court endeavors to see that the money invested by the small investors is not lost in the bargain or by the end of the day they get only a fraction of that amount.”  the courts stated. Nowhera has been given a six-week interim bail extension as a trial term so that she can prove her reliability in resolving the investors’ claims. According to the court, she will be returned to jail if she fails.

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