Latest news with #Visaka
Time of India
2 hours ago
- Business
- Time of India
Telangana HC upholds Rs 26 crore arbitral award in favor of Visaka Industries, dismisses Hyderabad Cricket Association (HCA) appeal
HYDERABAD: Brushing aside allegations of undue influence and coercion against Visaka Industries, a division bench of Telangana high court on Thursday dismissed an appeal filed by the Hyderabad Cricket Association (HCA) challenging an arbitral award in their (Visaka) favour. A bench of Justice Moushumi Bhattacharya and Justice B R Madhusudhan Rao upheld the Commercial Court's order of July 2024 refusing to set aside the arbitral award of nearly Rs 26 crore in favour of Visaka Industries. The bench also found fault with HCA for being unfair towards Visaka Industries. The dispute arose in 2011 when HCA terminated its agreement of Oct 16, 2004, under which Visaka Industries was granted exclusive in-stadia advertisement rights at the Uppal International Cricket Stadium in Hyderabad. The 2004 agreement had allowed it to name the stadium as 'Visaka International Cricket Stadium' and display its branding during matches. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad H by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trading CFD dengan Teknologi dan Kecepatan Lebih Baik IC Markets Mendaftar Undo CA terminated the agreement citing helplessness in light of the Board of Control for Cricket in India (BCCI) restrictions during Indian Premier League (IPL) matches. This led Visaka to initiate arbitration, leading to an award in its favour in 2016. This was challenged by HCA. On Thursday, the HC bench said there was no evidence to support the allegation that the agreement was signed under pressure from two individuals - G Vinod and Dr G. Vivekanand - who held positions in both HCA and Visaka. The court rejected this claim noting that HCA had honoured the agreement for seven years before raising objections and failed to provide any evidence of coercion. HCA challenged the appointment of MR Vikram as an arbitrator, claiming a conflict of interest since he was a partner at a firm that audited Visaka. The court found that full disclosure was made in 2011, and HCA had waived objections by participating in arbitration without protest. The court upheld the Rs 26 crore compensation, calculated as six times the consideration paid by Visaka, as a genuine pre-estimate of damages under Section 74 of the Indian Contract Act, 1872. The bench said the actual loss was difficult to quantify, given the massive visibility Visaka lost due to HCA's breach.
The Hindu
10 hours ago
- Business
- The Hindu
HC dismisses HCA's appeal over arbitral award to Visaka Industries
Telangana High Court had dismissed an appeal filed by Hyderabad Cricket Association challenging an arbitral award of ₹25.92 crore passed by local Commercial Court in favour of Vishaka Industries. A bench of Justices Moushumi Bhattacharya and B.R. Madhusudhan Rao said that the HCA failed to make out any grounds for interference in the impugned order passed by the Commercial Court in 2024. 'In short, the HCA exposed its unsportsmanlike colours and whatever game it may have played, it was certainly not ticket in the fairest sense of the term', the two judges said in the order. The dispute between HCA and M/s Visaka Industries arose over an agreement they had entered in 2004. As per the agreement, Visaka Industries rights for in-stadia advertisement rights for the construction of an international cricket stadium at Uppal Kancha in Hyderabad. Before conducting IPL matches in 2008, the HCA wrote to Visaka expressing its inability to honour its obligations as per the 2004 agreement, stating that it was not binding on the BCCI-IPL arrangement. Visaka moved the lower court to restrain HCA from denying in-stadia ad rights to it during IPL matches. While the litigation prolonged, the HCA wrote a letter to Visaka in 2011 stating that it had terminated the 2004 agreement on the ground of impossibility of performance. Finally, an arbitral award of ₹25.92 crore was made to Visaka in 2016. The same was challenged by HCA in the Commercial Court, which dismissed it. The HCA filed the present appeal against the Commercial Court order. The bench held that even in the present appeal, the HCA never inclined to provide statutory security for stay of the award but tested its luck at all levels only get an unfair and short-lived edge over Visaka', the verdict said. (eom)
Yahoo
27-02-2025
- General
- Yahoo
U.S. Institute of Peace Announces Visaka Dharmadasa the Fifth Annual Women Building Peace Award Laureate
WASHINGTON, Feb. 27, 2025 /PRNewswire/ -- The U.S. Institute of Peace (USIP) is honored to announce Visaka Dharmadasa of Sri Lanka as the Fifth Annual Laureate of USIP's Women Building Peace Award. This international award, which is given annually, honors women of extraordinary commitment, leadership and impact who are working to resolve violent conflict and build peace in their communities. "Visaka is a woman of courage and tenacity," said Ambassador George Moose, USIP's Acting President and CEO. "As someone who has worked as a peacebuilder for over three decades, she has demonstrated an unwavering commitment to peace in the face of extreme difficulties." USIP's Women Building Peace Council, comprised of distinguished experts and advisers, selected the Laureate and two Finalists, Lilly BeSoer of Papua New Guinea and Mairo Mandara of Nigeria. The three women were selected from over 170 nominations received from 52 countries. "In Sri Lanka, where conflict has been fueled by societal divisions, Visaka's work is a testament to the power of mediation and compassion," said Council Co-Chairs Marcia Carlucci and Megan Beyer. Visaka Dharmadasa is the chair and chief operations officer of the Association of War Affected Women, an organization that facilitates cross-community dialogues and educates soldiers and community leaders about international standards for the conduct of war. In the midst of Sri Lanka's civil war, after her son, a young military officer, was reported missing in action, Visaka established Parents of Servicemen Missing in Action as a mechanism for families to investigate the fate of loved ones who had been reported as missing. Today, Visaka Dharmadasa's organization empowers Sri Lankan women and prepares them for leadership opportunities in their communities and in local government. For information on USIP's Women Building Peace Award, visit For information on USIP, visit: View original content: SOURCE United States Institute of Peace Sign in to access your portfolio
