High Court orders HCA to pay Rs 17.50 crore to Visakha Industries within 6 weeks
HCA had earlier sought the quashing of a trial court’s order that froze accounts and assets of the cricket body including Uppal International Stadium over non-payments of dues.
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NewsTAP Bureau- Updated On:29 Sep 2023 12:28 PM GMT
HYDERABAD: The Telangana High Court has directed the Hyderabad Cricket Association (HCA) to pay Rs 17.50 crore dues to Visakha Industries within six weeks.
HCA had earlier sought the quashing of a trial court’s order that froze accounts and assets of the cricket body including Uppal International Stadium over non-payments of dues.
In 2004, Visakha Industries sponsored the construction of the Uppal Stadium by taking a loan from the bank. HCA however canceled its sponsorship agreement forcing Visakha Industries to approach court.
In 2016, the court ordered HCA to pay Rs 25 crore as compensation to Visakha Industries with 18 per cent annual interest for cancelling the agreement. A commercial executive petition was filed by Visakha Industries at the Rangareddy District court. The court attached HCA properties and bank accounts in October 2022 for non-payment of dues to Visakha Industries.
HCA had appealed to the High Court to unfreeze the bank accounts. However the court on Friday directed HCA to pay Rs 17.50 crore to Visakha Industries within six weeks.
Speakinga about the judgement, Vivek Venkataswamy, Chairman, Visakha Industries, said, "Justice L Nageswara Rao, the administrator and former Supreme Court judge overseeing the administration of the HCA, wants to take an early initiative and settle the money due to Visakha Industries."
