The Heera Group, based in Hyderabad, has prevailed over its opponents after a protracted legal struggle. It has provided the Supreme Court with information totalling Rs. 641 crores to protect investors’ interests in relation to claims totalling roughly Rs. 400 crores.
The Supreme Court decided to end ED’s attachment to the well-known business group’s properties because “There is a genuine saleable Title of Heera Group.” CEO Dr. Nowhera Shaik stated, “It is nothing but pure Heera,” and “we are finally vindicated,” in reference to the historical decision that was delivered in the first week of December.
History of the present case
The Supreme Court judgement said earlier on March 24, 2022, “the petitioners again claim that they have no objection as long as any of the properties totalling 87 attached are sold transparently and as per a reasonable market price and they will also assist the SFIO in that process.”
After that, the Heera group emphasised that the ED had filed an FIR for erecting a board on their own land and requesting applications from potential buyers in accordance with SC instructions. The ED only filed FIR, according to the Court, in order to appoint the board as directed. That such an FIR was on the stay was made very plain in the Supreme Court ruling.
Nowhera Shaik, who engaged in a protracted legal battle to defend the rights of the business and its investors, has provided a model for other businesses by showing them how to use the legal system to reclaim their honour and the confidence of their investors in the face of any business difficulties. Well, the identification of single properties and their valuation came to Rs 800 crores.