Key Points

Addressing a press conference here, she alleged that the state government converted TGIIC into a public company to raise additional debt of thousands of crores.

She claimed that a Government Order (GO) was issued on April 15, authorising the change in TGIIC’s status from a private limited company to a public limited entity. She claimed that the move was meant to facilitate larger borrowings by enabling access to capital markets through bonds, debentures, or even a potential IPO.

Displaying a copy of the GO, she said the government had not kept it in public domain and asked to know what the government was trying to hide from the people.

The Member of the State Legislative Council pointed out that the GO mentions that TGIIC has been listed on the National Stock Exchange and that its status changed to high-value debt listed entity.

Kavitha, who is the daughter of BRS President and former Chief Minister K. Chandrasekhar Rao, claimed that during the last 16 months, the government borrowed Rs 1.8 lakh crore and gave contracts worth Rs.1 lakh crore.

She alleged that Chief Minister A. Revanth Reddy received 20 per cent commission from the contractors. She claimed that about Rs.20,000 crore had gone into Revanth Reddy’s coffers.

Stating that TGIIC was an asset of Telangana people, she claimed that the Congress government opened the doors to mortgage TGIIC lands in stock exchange to go for huge borrowings.

She wanted to know what was the need for mortgaging the lands and why the government issued the GO without informing the people. She demanded that the government immediately withdraw its decision.

The MLC said despite heavy borrowings in 16 months, the government has not completed even a single scheme or undertaken any development programme. She asked where the Rs.1.80 lakh crore had gone.

Claiming that only Rs.80,000 crore were spent towards repayment of loans taken in the past, Kavitha alleged that the remaining Rs.1 lakh crore were spent to give big contracts, with Revanth Reddy taking huge commission.

The BRS leader claimed that she was making these allegations with all the evidence.

“If what I am saying is not true, let the government release a white paper on loans, repayment and government expenditure,” she said.

Kavitha remarked that Revanth Reddy has done nothing except clearing bills of contract companies of a state Cabinet minister and Megha Engineering.

Kavitha said the Congress did not implement its promise to give a tola gold for the marriage of every poor girl under the Kalyana Lakshmi scheme. She alleged that the government has also not fully implemented the Mahalakshmi scheme. "Women are still waiting for monthly financial assistance of Rs.2,500 each," she added.

- IANS