On the 4th of July, 2022 a meeting was held between Dr. Nowhera Shaik and the legal authorities. As an outcome of the meeting, she came up with optimistic updates to regain the trust of her investors. The decision to bounce back and repay the genuine investors of the Heera Groups is certainly a significant one. Well, the news of her repayment spread like a forest fire and brought hope to the lives of her investors.
The repayment begins
In the conference with the Supreme Court and other legal authorities, Nowhera Shaik submitted her assets worth Rs. 900 crores. She requested the Court to liquidate her properties and settle the payments.
Among all her 87 assets, the property of Hyderabad as communicated by the SFIO and income tax valuation department is important. Being the prime property, it yields upto Rs. 30 crores alone as calculated by the SFIO. Further, Nowhera Shaik stated that thirty-five thousand square yards would be enough to settle her debts. However, in case the number of claimants exceeds she is ready to produce more properties of over 1 lakh square yards.
Addressing the genuine and sieving the frauds
To retain the confidence of her investors, Dr. Shaik promised to stay and build a business relationship with the customers.
According to the evaluation of the Heera Groups, only 507 claimants were found to be genuine. However, SFIO extended the list of investors upto 4574 but further investigation detected 1449 fake claimants. Following this, she requested her investors to prove their genuineness by providing original documents before claiming.
Reiterating the fact that the Heera Groups runs an interest-free model, Dr. Shaik elaborated her approaches to the authorities. Additionally, she confronted her genuine investors by sharing her prosperity and making them a part of her historic business journey. She is the perfect example on how comebacks can be so strong and that hard times passes soon but tough people last.