Archive · 26 Jun 2025
Harish Rao Urges SEBI Action Against TGIIC
Imagine a company called TGIIC that borrowed a lot of money by using some land as collateral.
A former minister, Harish Rao, is worried because he thinks TGIIC might have broken some rules.
He wrote a letter to a financial watchdog, SEBI, asking them to investigate.
He says that TGIIC might have raised funds in a way that wasn't allowed and that they used land that might not have been suitable for collateral.
He is concerned about how the company is handling its finances and wants SEBI to look into it to make sure everything is fair.
Harish Rao requested a SEBI investigation into TGIIC for potential violations of SEBI regulations.
Concerns were raised regarding the mortgaging of 400 acres of Kancha-Gachibowli land and raising funds.
Rao cited potential violations of regulations related to fraudulent practices, non-convertible securities, and disclosure requirements.
Questions were raised about TGIIC's financial practices, including its ability to repay funds raised through non-convertible debentures.
Rao questioned the conversion of TGIIC from a private to a public limited company and the fees paid to merchant bankers.
- Who
- Former minister T. Harish Rao and the Telangana State Industrial Infrastructure Corporation (TGIIC).
- What
- Harish Rao seeks a SEBI investigation into potential violations by TGIIC and the Telangana government.
- When
- Letter was written on Thursday.
- Where
- Hyderabad.
- Why
- Due to concerns over potential violations of SEBI regulations, questionable financial practices and environmental concerns.
Harish Rao's Concerns
Not Available
Financial Transparency
Harish Rao's Concerns
Raises questions about the financial dealings of TGIIC, the usage of land, and the methods employed to raise capital.
Not Available
Not available in the provided text.
- Entity
- TGIIC
- Involved Party
- Harish Rao
- Allegation
- Potential violations of SEBI regulations
- Land in Question
- Kancha-Gachibowli (400 acres)
- Amount paid to merchant bankers
- Rs 169 crore + GST