Heera Group Scam | MCA (ROC) Companies Act | What Would SFIO Add To The Case?

Heera Group Scam | ROC Case Hyderabad

Nowhera Shaikh was examined on November 15, 2019, and when the court questioned about the business module and company whereabouts, all that she stated was that all company documents were seized by ACP Ram Kumar, CCS, Hyderabad. She had nothing to offer in defence.

Given this situation, what purpose would it serve to club the cases and send them to SFIO? Where is CCS lacking? What about the foreign businesses and bank accounts that are known to all of us? Why not hand it over to CBI? Heera Group had no business on ground which is why they have no defence. "Ponzi," as stated by SEBI, ED, CCS, Mumbai EOW and other bodies investigating.

Whatever investigating body would be investigating the Heera Group case after a Supreme Court direction, investors need a thorough investigation to the least with prosecution of all directors, promoters, vendors (branch incharge), and agents, and liquidation of assets on an urgent basis.

In the interest of Heera Group Investors.

Heera Group Latest Update | Composed on August 19, 2020

Image: Enforcement Directorate Attachment of Tolichowki Land in the Heera Group Case.

*Heera Group Latest Update | Composed on August 19, 2020*

*SC - Virtual Hearing:*

We have a tentative (not confirmed) date on September 28th. Dates are being postponed because of the Coronavirus situation.

*SC - Physical Hearing:*

The Supreme Court has decided to start physical hearings for around 500 cases that they consider to be most important. HG is unfortunately not on the list.

*HC - Bombay:*

Nowhera Shaikh has withdrawn her bail application from Mumbai HC.

*Way Forward:*

We will have to wait for a Supreme Court liquidation order.

NS has not submitted anything in defence.  all that she is asking is for the cases to be transferred to SFIO, claiming that she is a victim of political conspiracy.  CCS who is currently investigating the case was asking for the supreme court to return back all cases to them, stating that SFIO has already been assisting them in the case.

Heera Victims Association is fighting for liquidation and suggesting that the case be better transferred to CBI since there is foreign investments and self-proclaimed (by Heera Group) foreign businesses involved.

Once the court opens, we assume that it will take anywhere between 5 to 7 hearings in court for the court to come to any kind of conclusion, but we are hopeful to get a liquidation order since Heera group has already agreed for liquidation as evident in the January 15th 2020 Mumbai High Court order.

Once Supreme Court issues the liquidation order, the competent authority will issue a public notice declaring a final date after which no complaints on the company will be entertained.  Once the window closes, the competent authority will verify all claims and put all attached properties for auction.

This procedure will take anywhere between one and half year to three or even four years to complete, depending on how well we follow up.

In between all this, the most important thing to watch out is the final date issued via public notice by the competent authority.  If Nowhera Shaikh gets bail before the final date, then it becomes easier for the noncomplianants to decide whether they need to register their complaints or not.  If she comes out and pays as most of the noncomplainants expect her to do, then everything is clear, and if she fails to pay then the decision to register claims becomes easier.

In case Nowhera Shaikh does not get bail before the final date, then the non complainants will have to decide whether to register their claim before the final date or to completely put their trust on Nowhera Sheikh.

1.  Liquidation order.

2.  Public notice informing last date 

3.  Auction of property.

4.  Disbursement.

Once the final date goes by, you cannot file your complaint against Heera Group as the law will consider it winded up.