Telangana Minister G Vivekanand dismissed allegations of fund misappropriation involving Visaka Industries, stating that the arbitration award was upheld by courts and no money had yet been credited to the company as legal proceedings remain pending
Telangana Cricket Association General Secretary Guruva Reddy demanded a probe into alleged misappropriation of Rs 69 crores linked to Visaka Industries and Hyderabad Cricket Association management, citing financial irregularities
This marks the final resolution of a long-standing contractual dispute arising from an agreement executed in 2004 concerning in-stadia advertisement rights and naming privileges at the Rajiv Gandhi International Cricket Stadium, Uppal.
This Order was in response to the petition filed by the HCA before the High Court under Section 37 of the Arbitration act. The same was dismissed by the Division Bench of the High Court and the Award was in favour of the Visaka Industries.
