TGIIC in hot water: T Harish Rao flags shady land, dubious NCD deals; SEBI violations in focus
HYDERABAD: Former minister T
Harish Rao
has urged the Securities and Exchange Board of India (SEBI) to investigate alleged regulatory violations and financial irregularities involving the Telangana Industrial Infrastructure Corporation (TGIIC) and the govt.
In a letter to the SEBI chairman on Thursday, Harish Rao objected to the mortgaging of 400 acres of land in Kancha Gachibowli, which a Supreme Court-appointed empowered committee has identified as 'forest-like' and environmentally-sensitive. He alleged that the land was used to raise large sums via non-convertible debentures (NCDs) without proper disclosure of its legal and environmental status to investors.
"This is not just a financial violation; it is betrayal of public trust and a misuse of natural resources," he alleged.
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Harish Rao said TGIIC's actions violated multiple SEBI regulations, including those governing fraudulent practices, NCD listings, and disclosure norms. He also questioned how a corporation with a turnover below ₹150 crore could raise thousands of crores through NCDs.
He raised concerns over TGIIC's conversion from a private to a public limited company, alleging it may have bypassed regulatory transparency.
Harish Rao claimed merchant bankers were paid over ₹169 crore plus GST for structuring the deals, despite the land's disputed status.
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