Nowhera Shaik & Anr. Vs Union Of India & Ors. (Supreme Court of India)
Supreme Court granted final warning to Nowhera Shaik to deposit Rs. 25 Crore for continuation of bail. In case the amount is not deposited within 3 months, the bail shall stand automatically cancelled.
Facts- Present matter involves Nowheira Shaik who is executive Chairperson and Founder of the Heera Group. He is accused to have been involved in cheating various investors. Accordingly, to refund the investors ED had attached 96 properties.
Today when the matter was taken up for further hearing Mr. Sibal, the learned counsel appearing for the accused submitted that his client has not been able to arrange for Rs. 25,00,00,000/- (Rs. Twenty Five Crores) to be deposited as directed by this Court.
Conclusion- Held that we once again reiterate if the amount of Rs.25,00,00,000/-(Rs. Twenty Five Crore) is not deposited within a period of three months from today, the bail shall stand automatically cancelled without any further orders from this Court and it will be open for the Enforcement Directorate to take back the accused-lady in custody. If the accused goes back to jail then perhaps we need not have to further monitor this particular litigation. We shall close the matter in the event if arrest is effected. It is now for the Enforcement Directorate to go ahead with the auctioning of all the attached properties so as to try to recover the maximum amount possible.
