Initial Stage of Business - Share Holders: Share Certificates were issued to Investors from 2007 to 2012 and today’s investors were then addressed as “Share Holders.” From the time the company started up until 2012, Investors were told that the company is a public limited company and that the investors were actual Share Holders of the Company.
Heera GoC began to do well in the way of pulling in investments as almost all of the employed MEs, DSAs, and In-House Staff Members of HG were Muslims wearing the Islamic label on, i.e., Skull Cap, Beard, etc. The visual in-house made an impact and people started rolling in as Share Holders.
The MEs (Marketing Executives) and DSAs (Direct Selling Agents) themselves were supposed to Invest in the company, and this investment brought about bank statements which were then displayed to every potential Investor. These bank statements of MEs and DSAs proved to be the most powerful tool to induce more people into investing into Heera GoC. Even regular Investors were lured in to work for Heera GoC as DSAs with a promised percentage of 1% to 3% of the total investment they bring in.
Salim Ansari (Mumbai Operator)
The whole system grew to become such that Operators (Branch Managers) were the head of the Branch/Location who used to manage several MEs, and these MEs had a free hand in recruiting DSAs under them.
Of note, it can be easily said that none, or only few, of these MEs or DSAs were officially recruited by any company that came under the banner of Heera Group of Companies.
Type of Staff & Commission Percentage
Operators/Branch Managers: Up to 10%
ME (Marketing Executives): 3% to 5%
DSAs (Direct Selling Agents): 1% to 3%
In-House Office Staff Members: Salary
DSAs had this opportunity to graduate and become an ME once he/she would bring in a total investment of 50 Lakhs to Heera GoC.
Salauddin Mahaldar (Mumbai Operator)
With time, Heera Group grew substantially fast by the way of collecting investment from the Muslim community. Word of mouth was the main source of advertisement for Heera, the backdrop being the name of a not very well known female who supposedly was an Islamic Scholar and a Business Woman at the same time. The opportunity for women in the Muslim community to work for an Islamic Company seemed to be dream come true, and quite a many female Investors were lured in to work as a DSA with Heera Group of Companies. This created a cascading effect, which worked to bring in unimaginably huge investments into the company, but not without suspicions from the learned sect of the community.
Wisdom played in important role in spreading awareness among the existing DSAs, where questions were asked which the DSAs failed to answer. Existing and potentially new Investors started asking Heera GoC workers for Company Balance Sheet, Profit & Loss Statements, Tax Documentations, etc. Unable to answer these questions brought up to them, the DSAs would put these questions up to their MEs, and the MEs would put it up to their respective Operator/Branch Manager.
Abdul Rehman Shaikh & Ismail Shaikh
The In-House Staff Members of Heera GoC Branch Offices faced similar crisis. They though had immediate access to their Branch Manager and so these Branch Managers then had put up these questions to Nowhera Shaikh and other Core Members of Heera GoC. At this point in time, Nowhera Shaikh was an unknown face to public, still in the veil; even most of the MEs, DSAs, and In-House Staff Members could swear not to have seen her face.
The explanation passed down to the DSAs and In-House Staff Members of Heera GoC was that Heera GoC Factories, Manufacturing Units, Branch Offices, Outlets, etc, were mostly in Gulf Countries; UAE, Kuwait, etc. This statement of theirs worked as a repellent for quite a few potential investors, but it still managed to pull in more Investments. The DSAs who were mostly housewives before joining Heera GoC were too happy making a living out of the job, and the MEs were extremely satisfied with their handsome commissions, and so as long as work continued, nobody bothered to question the higher authorities of Heera GoC.
Time and again though, existing Share Holders were being warned of the scam. The 36% return per annum was too good to be true for many of the friends and relatives of the existing Share Holders. The pile of doubts was being flushed down the drain on a monthly basis on the day these Share Holders used to get their Dividends into their respective bank accounts. Most of the Share Holders never bothered to listen to the warnings given to them by those who knew what a 36% return business could lead to in the future.
Soon enough, a dangerous question started making the rounds of the minds of almost all those involved with Heera Group of Companies, and the question was “Is Heera a Listed Public Limited Company? If yes, then why isn’t it listed on the Market?"
Share Certificate Issued Between 2007 to 2012
Nowhera Shaikh and other Core Members of Heera GoC came up with an suitable excuse for not being a Listed Public Limited Company. They started telling the existing and New Share Holders that since Heera GoC is an Islamic Business Group and only wants to serve the Muslim Community, Heera has not gotten itself registered as a Listed Public Limited Company, and that one of the many conditions of being a Listed Public Limited company would mean that Heera would have to accept investments from non-Muslims as well, which was against their core agenda of helping only the Muslim Community only given that Heera’s motto was “Halal Trade” and “Interest Free World” on the lines of the Islamic Law.
A religious blackmail, this explanation did not go down well with quite a few investors who withdrew their money instantly, but the 36% per annum returns were enough for people to stick with the company and continue. Of note is that most of the investment collected during this 5 to 6-year period of 2007 to 2012, were in cash.
No comments:
Post a Comment