G Vivekanand Denies Misappropriation Claims Over Visaka Industries Arbitration Award
On Saturday, June 20, 2026, Telangana Minister and former Hyderabad Cricket Association (HCA) president Dr. G. Vivekanand dismissed allegations of fund misappropriation regarding an arbitration award for Visaka Industries in Hyderabad. Speaking to the media, he clarified that the arbitration award was upheld by the courts and no money has been credited to the company yet due to pending legal proceedings.
The controversy stems from an arbitration award granted after Visaka Industries sponsored the construction of the Rajiv Gandhi Stadium in Hyderabad. According to Vivekanand, some vested interests have been spreading false propaganda regarding the award.
In 2016, an Arbitration Tribunal ordered the HCA to immediately settle Rs 25.92 crore with Visaka Industries. The HCA challenged this decision in court. However, with an 18 percent annual interest rate applied over nine years, the total outstanding amount has accumulated to Rs 68.73 crore.
The Minister stated that the arbitration award was upheld by the High Court of Telangana and subsequently by the Supreme Court when the HCA appealed. Despite these rulings, he emphasized that not a single rupee has been transferred to Visaka Industries because a related case remains pending in a court of law.
Reflecting on the history of the sponsorship, Vivekanand shared that his late father, G. Venkataswamy, agreed to sponsor the stadium's construction after being approached by the then HCA Secretary, N. Shivlal Yadav, and other officials.
In 2004, the company initially agreed to sponsor Rs 6 crore to have the venue named Visakha International Cricket Stadium. However, after the then Chief Minister, Dr. Y. S. Rajasekhar Reddy, requested that the stadium be named after former Prime Minister Rajiv Gandhi, Visaka Industries agreed to reduce its sponsorship to Rs 4 crore.
The HCA later cancelled the agreement in 2011, prompting Visaka Industries to take legal action. The tribunal eventually ruled in favor of the company in 2016.
Vivekanand expressed regret that the company was denied advertising rights for 15 years after the Indian Premier League (IPL) started, while facing baseless allegations. He added that defamation notices have been served to those making the irresponsible claims.
