Will refund investors in 16 months, Nowhera Shaik tells court; accuses Owaisi of grudge

Agencies

December 3, 2018

Hyderabad, Dec 3: Nowhera Shaik, managing director of Heera Gold, who was recently arrested in an alleged cheating case, has filed a sworn affidavit before the Metropolitan Sessions Judge, stating her company will return the deposits to investors in four installments in 16 months.

The affidavit, filed late on Saturday, said that Heera Gold group, established 15 years ago, has been giving dividends to investors regularly, and has no intention of cheating them. Vineet Dhanda, counsel for Heera Gold group, said, “Nowhera has shown her intentions to the court and also to investors. Everyone was calling her a cheat, but a cheater won’t file a sworn affidavit in the court.”

In the affidavit, Shaikh said the investors who want to withdraw their money can apply using withdrawal forms of the company, which is in the business of gold jewellery in India and in other countries.

About 25% of the total amount invested by individual investor applying for withdrawal will be returned in the first four months, along with the profit that was to be paid quarterly. She said 25% of the total amount will be released every four months.

Further, the Heera Gold MD affirmed in the affidavit that the accounts of investors in the company will be settled within a period of four months from the date of her release on regular bail, and from the date the company’s accounts are de-freezed.

Nowhera said that during the raid at Heera Gold’s office at Banjara Hills, the Central Crime Station (CCS) police had damaged all the software and computers, resulting which the investors’ list was lost. But the company will continue to pay to those investors who come to their office and file withdrawal forms.

The Heera Gold MD, in her affidavit, alleged that Majlis-e-Ithehadul-Muslimeen member of Parliament, Asaduddin Owaisi, hold as grudge against her, and is defaming her, which resulted in a cheating case against her in 2012 at CCS. She told the court that she has floated a political outfit, Mahila Empowerment Party, and has contested elections in Karnataka, and since then has been a victim of political vendetta.

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PM Modi vows to strengthen India-Maldives ties, inks currency swap deal with President Muizzu

News Network

October 7,2024

New Delhi: Seeking to strengthen bilateral ties, India and the Maldives on Monday inked a currency swap agreement to the tune of $400 million, a move that would help the archipelago nation overcome foreign exchange reserve issues.

Prime Minister Narendra Modi and visiting Maldivian President Mohamed Muizzu also launched Rupay card in the Maldives, inaugurated the new runway at the Hanimadhoo International airport and agreed to further strengthen bilateral relations that had hit a rocky patch last year.

Muizzu, who is on a four-day state visit, held talks with Prime Minister Modi at the Hyderabad House here.

After the talks, India also handed over 700 social housing units to the Maldives built under the EXIM Bank’s buyer’s credit facilities.

"Today, we have inaugurated the redeveloped Hanimaadhoo Airport. Now, the Greater Male Connectivity Project will also be expedited. We will also support the development of a new commercial port in Thilafushi," Modi told reporters here with Muizzu by his side.

Modi said India and Maldives have decided to initiate discussion on the Free Trade Agreement to further strengthen economic ties.

The prime minister described Maldives as a "close friend" which had an important position in India's neighbourhood policy and SAGAR vision.

"India has always fulfilled the responsibilities of a neighbour. Today, we have taken up the vision of a comprehensive economic and maritime security partnership to give our mutual cooperation a strategic direction," Modi said.

Earlier, Muizzu was accorded a ceremonial welcome at the Rashtrapati Bhawan by President Droupadi Murmu. Prime Minister Modi was also present on the occasion.

Muizzu was given a tri-services guard of honour before he drove down the Rajghat to offer his respects at the memorial to Mahatma Gandhi.

The ties between India and the Maldives came under severe strain since Muizzu, known for his pro-China leanings, took charge of the top office in November.

Muizzu won the presidential election last year on the 'India out' campaign and asked New Delhi to withdraw its military personnel posted in the archipelago nation by May this year.

The bilateral ties also hit a rocky patch when Maldivian ministers were critical of Modi. However, Muizzu has since toned down his anti-India stance and even sacked ministers who were critical of the Indian prime minister.

As the Maldives was grappling with a serious economic downturn, India has decided to extend vital budgetary support to the Maldives government with the rollover of a $50 million Treasury Bill for another year.

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