Visakha Industries blast VHR, Shesh

Hyderabad: Visakha Industries Limited (VIL) Whole-time Director and Chief Financial Officer, Vallinath denounced Hyderabad Cricket Association (HCA) by terming them ‘habitual defaulters’ for not paying the compensation amount.

While talking to the media, he decried the statements made by V Hanumatha Rao and T Shesh Narayan with regard to VIL.

When asked about the accusations about the agreement, he said the every court and arbitration panel had upheld VIL’s rights.

He said that HCA and VIL entered into an agreement after it was passed ‘unanimously’ in the HCA Annual General Meeting (AGM) of 2004. He alleged that VIL was stripped off their rights time and again during the agreement.

Giving the details of the compensation he said, HCA had to pay Rs 25.92 crore with an 18% interest till the date of payment. 

It was later ‘settled’ at Rs 17.5 crore,, which was approved by HCA in May 2016 but that does not seem lto be paid anytime soon.

He said VIL doesn’t want people to be misguided by misinterpretation of events and called in to clarify the facts.