Heera Group supporters write to the President. Letter to the Prime Minister and Chief Justice
Demand for investigation into the agencies’ unfair and unconstitutional actions
New Delhi / Hyderabad (Report: Matiur Rehman Aziz) Amid the ongoing legal and administrative proceedings related to Heera Group of Companies and Ulama Dr. Nowhera Sheikh, it is reported that a detailed representation has been submitted by the investors supporting the company to the top constitutional, judicial, government and parliamentary officials of the country. The representation has expressed concern over the auction of Heera Group properties, the genuine claims of the investors and further action before a complete verification of the list of (FFIOs). According to sources, this representation has been submitted before the President of the Republic of India, Mrs. Droupadi Murmu, Prime Minister of India, Mr. Narendra Modi, Chief Justice of India, Justice Surya Kant, Union Home Minister, Mr. Amit Shah, Union Finance Minister, Ms. Nirmala Sitharaman, Union Law and Justice Minister, Mr. Arjun Ram Meghwal and Leader of the Opposition in the Lok Sabha, Mr. Rahul Gandhi. The petitioners have appealed to the concerned authorities to look into the matter and take appropriate action to protect the legal and financial rights of all the parties concerned.
The main point of the representation is that in the case of Heera Group, the identity of the claimants or investors whose claims are being made the basis of the action, the actual investment, the amount received earlier, the profits and the actual outstanding amount should be fully and impartially verified. The petition states that if the properties of Heera Group are being auctioned based on the SFIO list, then first of all, the claim of each claimant in this list should be examined and verified separately and the financial accounts should be reconciled, so that it can be clear how many are the real claimants and how much money is legally owed to the company as of the current date. The representation also states that in the available SFIO data, there are some discrepancies and inconsistencies in the number of creditors, IBG records, “in the available SFIO data, there are some discrepancies and inconsistencies in the supporting documents of the claimants, investment data and profit data, which require impartial examination.” According to the petitioners, instead of considering the mere presence of a name in a list as a final financial liability, each claim should be documented. This process can help in establishing a clear distinction between genuine investors and unverified or disputed claims. The representation appeals to the concerned authorities to determine before further auctioning of the properties: how many genuine and verified investors are there; how much is the actual investment of each investor; how much has been returned in the past; how much has been paid in profit or other installments; what is the actual outstanding amount as on the current date; And how much property is actually required to be sold to pay these liabilities. The petitioners say that such a transparent financial review will not only protect the interests of investors but will also reduce the concerns of unnecessary or undervalued sale of the company’s assets. The letter also argues that if the company’s properties are sold at a price lower than the current market value, it may not only harm the company’s assets but may also create a fear of not getting the desired financial benefit to the genuine investors. Therefore, the petitioners have emphasized that if the auction of the properties is deemed legally necessary, it should be moved forward only after determining the full value, a complete process of transparent auction of the properties and determining the actual liabilities. The representation has not only demanded a review of the auction but also requested to consider the possibilities of possible legal rehabilitation of the Hera Group of Companies or restructuring of the company. According to the petitioners, if the company’s business assets and legal status can be maintained and the dues of the real investors can be paid more efficiently from this income, then instead of simply selling the properties, the possibilities of rehabilitating, restructuring and reactivating the business activities of the Hera Group of Companies within the ambit of the law should be examined.
The main demand of the petitioners is that instead of forming a final opinion in favor or against any party in the matter, all the relevant records should first be impartially examined, the real liabilities should be determined and then necessary action should be taken in accordance with the law. They say: “First, a complete examination of the SFIO clement list, then determination of the actual liabilities, after which a transparent auction should be held as per the need and the rightful owners should be given their legitimate rights.”
Demand for investigation into the agencies’ unfair and unconstitutional actions
New Delhi / Hyderabad (Report: Matiur Rehman Aziz) Amid the ongoing legal and administrative proceedings related to Heera Group of Companies and Ulama Dr. Nowhera Sheikh, it is reported that a detailed representation has been submitted by the investors supporting the company to the top constitutional, judicial, government and parliamentary officials of the country. The representation has expressed concern over the auction of Heera Group properties, the genuine claims of the investors and further action before a complete verification of the list of (FFIOs). According to sources, this representation has been submitted before the President of the Republic of India, Mrs. Droupadi Murmu, Prime Minister of India, Mr. Narendra Modi, Chief Justice of India, Justice Surya Kant, Union Home Minister, Mr. Amit Shah, Union Finance Minister, Ms. Nirmala Sitharaman, Union Law and Justice Minister, Mr. Arjun Ram Meghwal and Leader of the Opposition in the Lok Sabha, Mr. Rahul Gandhi. The petitioners have appealed to the concerned authorities to look into the matter and take appropriate action to protect the legal and financial rights of all the parties concerned.
The main point of the representation is that in the case of Heera Group, the identity of the claimants or investors whose claims are being made the basis of the action, the actual investment, the amount received earlier, the profits and the actual outstanding amount should be fully and impartially verified. The petition states that if the properties of Heera Group are being auctioned based on the SFIO list, then first of all, the claim of each claimant in this list should be examined and verified separately and the financial accounts should be reconciled, so that it can be clear how many are the real claimants and how much money is legally owed to the company as of the current date. The representation also states that in the available SFIO data, there are some discrepancies and inconsistencies in the number of creditors, IBG records, “in the available SFIO data, there are some discrepancies and inconsistencies in the supporting documents of the claimants, investment data and profit data, which require impartial examination.” According to the petitioners, instead of considering the mere presence of a name in a list as a final financial liability, each claim should be documented. This process can help in establishing a clear distinction between genuine investors and unverified or disputed claims. The representation appeals to the concerned authorities to determine before further auctioning of the properties: how many genuine and verified investors are there; how much is the actual investment of each investor; how much has been returned in the past; how much has been paid in profit or other installments; what is the actual outstanding amount as on the current date; And how much property is actually required to be sold to pay these liabilities. The petitioners say that such a transparent financial review will not only protect the interests of investors but will also reduce the concerns of unnecessary or undervalued sale of the company’s assets. The letter also argues that if the company’s properties are sold at a price lower than the current market value, it may not only harm the company’s assets but may also create a fear of not getting the desired financial benefit to the genuine investors. Therefore, the petitioners have emphasized that if the auction of the properties is deemed legally necessary, it should be moved forward only after determining the full value, a complete process of transparent auction of the properties and determining the actual liabilities. The representation has not only demanded a review of the auction but also requested to consider the possibilities of possible legal rehabilitation of the Hera Group of Companies or restructuring of the company. According to the petitioners, if the company’s business assets and legal status can be maintained and the dues of the real investors can be paid more efficiently from this income, then instead of simply selling the properties, the possibilities of rehabilitating, restructuring and reactivating the business activities of the Hera Group of Companies within the ambit of the law should be examined.
The main demand of the petitioners is that instead of forming a final opinion in favor or against any party in the matter, all the relevant records should first be impartially examined, the real liabilities should be determined and then necessary action should be taken in accordance with the law. They say: “First, a complete examination of the SFIO clement list, then determination of the actual liabilities, after which a transparent auction should be held as per the need and the rightful owners should be given their legitimate rights.”
