Latest news with #SupremeCourt-appointed
New Indian Express
a day ago
- Business
- New Indian Express
BRS leader Harish Rao asks SEBI to probe ‘irregularities' in TGIIC deals
HYDERABAD: Alleging 'serious irregularities and possible violation of SEBI rules' by the Telangana State Industrial Infrastructure Corporation (TGIIC), BRS MLA and former minister T Harish Rao on Thursday asked the Securities and Exchange Board of India to initiate appropriate action against the corporation under the provisions of SEBI Act, 1992 and allied regulations. Harish also wanted SEBI to investigate the process of land mortgage and loan/NCD issuance by TGIIC. In a letter to SEBI chairman, the former minister expressed concerns about regulatory breach, misrepresentation and lack of transparency by the TGIIC, which deserve SEBI's immediate scrutiny and intervention in the public and investor interest. 'The government of Telangana has sold 400 acres of land at 75 crore per acre. The TGIIC mortgaged 400 acres of land in the Kancha Gachibowli area to raise loans via non-convertible debentures (NCDs) or through merchant bankers and financial intermediaries. However, a Supreme Court-appointed Empowered Committee has already identified this land as forest-like, potentially protected under environmental and conservation laws. The Supreme Court slammed the Telangana government for deforestation in the Kancha Gachibowli area in Hyderabad and stated that the state should either restore greenery or be prepared to send its officers to jail. Using such land as collateral may amount to material misrepresentation or fraudulent omission of facts if such status was not disclosed to lenders or potential investors,' Harish said. The BRS leader said that the compliance concerns are: Regulation 4(2)(k) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003, misleading representation or omission of material facts, Regulation 29 of the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, false or misleading statements in offer documents and Section 11(2)(i) of the SEBI Act, 1992, empowering SEBI to prohibit deceptive practices in the securities market. Harish said that it was also reported that TGIIC's annual turnover is less than Rs 150 crore, yet the corporation has raised or is attempting to raise substantial loan amounts running into hundreds or thousands of crores, he said. 'This calls into question the corporation's repayment capacity, raising concerns over its financial soundness and possible risk of default, which could mislead lenders or investors unless transparently disclosed,' Harish said in his letter.
Hans India
a day ago
- Business
- Hans India
Harish urges SEBI to probe serious violations by TGIIC
Hyderabad: BRS senior leader T Harish Rao on Thursday urged Chairman of the Securities and Exchange Board of India (SEBI) to order an urgent investigation into serious irregularities and potential violations of SEBI regulations by the Telangana State Industrial Infrastructure Corporation (TGIIC) and the Government of Telangana. The BRS leader wrote a detailed letter to the SEBI Chairman. In the letter, Harish Rao raised strong objections over the mortgaging of 400 acres of land in the Kancha-Gachibowli region, land which has been flagged by a Supreme Court-appointed Empowered Committee as 'forest-like' and environmentally sensitive. The same land has reportedly been used to raise large sums through Non-Convertible Debentures (NCDs), allegedly without disclosing its legal and environmental status to lenders or investors. 'This is not just a financial violation; it is a betrayal of public trust and a misuse of natural resources for questionable financial engineering,' Harish Rao said. Harish Rao also flagged the financial capacity of TGIIC, noting that its annual turnover was reportedly less than Rs 150 crore, while it is raising thousands of crores rupees through NCDs, a move that raises red flags over repayment ability and disclosure norms. He further questioned the recent conversion of TGIIC from a private limited company to a public limited company, alleging that this structural change may have been carried out without full regulatory transparency or compliance with the Companies Act and SEBI guidelines. Rao further said that merchant bankers were paid over Rs 169 crore plus GST to structure these transactions, despite the questionable status of the land used as collateral. 'This issue concerns not only regulatory compliance, but also environmental responsibility and public interest,' he wrote, urging SEBI to investigate the entire chain of transactions and hold all parties accountable.
Time of India
a day ago
- Business
- Time of India
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. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad 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.
Hindustan Times
2 days ago
- General
- Hindustan Times
Delhi HC tightens norms on tree felling, orders 5-year care for plantations
The Delhi high court has laid down detailed guidelines for tree officers and authorities undertaking infrastructure projects to ensure the effective implementation of the Delhi government's new standard operating procedure (SOP) for tree felling, transplantation, and compensatory plantation, in a move aimed at safeguarding the Capital's green cover. It also sets compensatory plantation norms and caps the number of permissions that can be issued from the same parcel of land. (HT Archive) The SOP, issued by the forest department on April 24, mandates tree officers to inspect any site for which felling permission is sought to assess whether it is essential, and directs project authorities to seek clearance from the Supreme Court-appointed Central Empowered Committee (CEC) if 50 or more trees are involved. It also sets compensatory plantation norms and caps the number of permissions that can be issued from the same parcel of land. To achieve the intent behind implementation of the SOP, justice Jasmeet Singh, in his May 20 ruling, emphasised that applicants seeking to fell trees must not only plant new ones, but also ensure their survival for at least five years by including watering, maintenance and general upkeep. The court also specified that the trees used for compensatory plantation must be at least six feet tall, five years old, and have a collar girth of at least 10cm. 'The endeavour of this court is to only ensure that the SOP which aims to ensure felling/transplantation of trees must be implemented in an effective manner to achieve the desired objective. Additionally, the compensatory plantation shall ensure that the trees which are to be planted are not less than 6 feet in height, have a nursery life of 5 years and a collar girth of not less than 10cm,' the order read. It added, 'The applicant who moves the application for felling of trees, will file an affidavit in this court with a copy to the learned amicus appointed under these proceedings as well as with the DCF, undertaking to take care of the compensatory planted trees for a period of 5 years, including watering, maintenance and general upkeep and shall file quarterly report with latest photographs.' In addition, justice Singh ruled that tree officers must be involved from the planning stage of any infrastructure project that involves tree felling or transplantation, and banned heavy pruning of transplanted trees, which often leads to their decline. These directives were issued in response to a contempt plea filed by climate activist Bhavreen Kandhari, who alleged non-compliance with a 2022 high court order that had instructed tree officers to issue clear, reasoned decisions on felling applications. Earlier, on May 9, the court had modified its previous order requiring judicial oversight for tree felling, transferring that responsibility to the CEC for cases involving 50 or more trees. The court will retain oversight for smaller projects until the SOP is fully implemented. Meanwhile, Delhi environment minister Manjinder Singh Sirsa, had on June 7, issued a separate SOP clarifying what constitutes an 'emergency' that allows tree felling or pruning without prior permission. This move aims to balance public safety with environmental safeguards by ensuring urgent cases are addressed swiftly, without leaving room for misuse.
The Hindu
2 days ago
- Business
- The Hindu
Harish Rao urges SEBI to probe Gachibowli land deal made in violation of norms
HYDERABAD Senior leader of the Bharat Rashtra Samithi and former minister T. Harish Rao has requested the Chairman of the Securities and Exchange Board of India (SEBI) to order an investigation into serious irregularities and potential violations of SEBI regulations by the Telangana State Industrial Infrastructure Corporation (TGIIC) and the Government of Telangana. In the letter addressed to the SEBI Chairman on Thursday, Mr. Harish Rao raised strong objections over the mortgaging of 400 acres of land in Kancha Gachibowli in the city, and it has been flagged by a Supreme Court-appointed Central Empowered Committee as 'forest-like' and environmentally sensitive. The land has reportedly been used to raise a huge loan through Non-Convertible Debentures (NCDs,) allegedly without disclosing its legal and environmental status to lenders/investors. 'This is not just a financial violation, but it is also misuse of natural resources for questionable financial engineering', Mr. Harish Rao said. Flagging the financial capacity of TGIIC, he noted that its annual turnover was reportedly less than ₹150 crore, while it was raising thousands of crores through NCDs, a move that raises red flags over the repayment ability and disclosure norms. He further questioned the recent conversion of TGIIC from a private limited company to a public limited company, alleging that this structural change could have been carried out without full regulatory transparency or compliance with the Companies Act and SEBI guidelines. Further, Mr. Harish Rao stated in the letter to SEBI that merchant bankers were paid over ₹169 crore plus GST to structure these transactions, despite the questionable status of the land used as collateral. He requested SEBI to investigate the entire chain of transactions and hold all parties accountable, and provided supporting documents.
