Heera Group Claims Victory After Supreme Court Lifts Enforcement Directorate Attachment
The high-profile business group submitted details for the source of funds worth Rs 641 crores for securing the interest of investors against the claim worth about Rs 400 crores.
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FollowThe Supreme Court lifts the Enforcement Directorate's (ED) attachment of the properties of the Hyderabad-based Heera Group in a major victory for the realtor.
The high-profile business group submitted details for the source of funds worth Rs. 641 crores for securing the interest of investors against the claim worth about Rs. 400 crores.
"There is a valid saleable Title of Heera Group," the Supreme Court noted in its judgment, pronounced in the first week of December. Reacting to the court order, Dr. Nowhera Shaik, the CEO of Heera Group, said, "It is nothing but pure Heera, and we are finally vindicated."
On March 24, 2022, the Supreme Court ordered, “Insofar as the second aspect is concerned, the petitioners once 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.”
Heera Group said the single property out of 87 is sufficient to meet all the claims since its identification and valuation were Rs 800 crore which has already been made. The Division bench of the Supreme Court earlier ordered to 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, after the judgment, "I'll preserve it, come what may.'
Heera Group follows an interest-free business model, and the move to offer the prime assets in Tolychowki, Hyderabad was to retain the trust and confidence of its investors, said Nowhera Shaik. 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."
-ENDS-
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