HCA president denies involvement in Visaka Industries financial transaction
Hyderabad Cricket Association President Amarnath denied involvement in Rs 68-crore transaction to the Court related to Visaka Industries. He clarified the action followed legal orders issued before his tenure, while former off-spinner N Shivlal Yadav called it unfair to blame individuals
Hyderabad: Hyderabad Cricket Association President Amarnath has denied any involvement in financial transactions with Visaka Industries.
The HCA chief, addressing media at Gymkhana Ground here on Tuesday, said the recent transfer of about Rs 68 crores to the Court was part of legal proceedings and he had nothing to do with it.
“That was a follow-up action of the Court order issued on November 24, 2025. I wish to remind you that I took charge only in the first week of February this year, and all transactions in this regard were done before I took over,” Amarnath said.
“It is unfair to involve me in this whole issue. I reiterate that I have not signed any paper or cheque or given any order for financial transactions as President,” he added, explaining why the amount was transferred now.
It may be mentioned that Visaka Industries Ltd had stepped in 2004 to sign an agreement with HCA for the construction of Uppal Stadium and paid Rs 6.50 crores for naming rights of the stadium and advertising rights under the agreement.
“In 2011, HCA unilaterally terminated the agreement, which led Visaka to invoke arbitration. On March 15, 2016, a three-member Arbitral Tribunal upheld the termination allegation and awarded Rs 25.92 crores with 18 percent interest to the Visaka group,” it is explained.
HCA challenged the award in the High Court and also in the Supreme Court, with the latter dismissing the special leave petition on June 10, 2025.
The Visaka Group later agreed to settle the matter out of court for Rs 17.50 crores against the sum of Rs 25.92 crores plus 18 percent per annum interest awarded by the Tribunal. A joint memo was issued to this effect and filed before the Chief Judge, City Civil Court, Hyderabad.
However, the then HCA, headed by Arshad Ayub, resiled from the understanding with Visaka, which burdened HCA with substantial financial liability.
As HCA failed to comply with binding judicial orders, execution proceedings were initiated, and the Commercial Court directed Canara Bank to release HCA accounts, it is explained.
Former India off-spinner and ex-Secretary and President of HCA N Shivlal Yadav, who was present at the briefing, said it was unfair to blame any individual. “We have to understand that the court orders were being implemented. Now, the option is to appeal to the Visaka group to re-route the amount back to HCA and use it for the development and promotion of the game,” he said.
