Formula E: ACB Seeks Governor’s Approval to Prosecute Former Telangana Minister KT Rama Rao

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HMDA had initially entered into a tripartite agreement with FEO and Ace Nxt Gen to host races in Hyderabad for Seasons 9 through 12. Under this agreement, Hyderabad was set to become a prominent venue in the Formula E calendar, with the city hosting races for multiple seasons, starting with Season 9. The agreement outlined the financial terms, logistics, and responsibilities of all parties involved in organizing the race, with a focus on enhancing the city’s global image through the event.

However, following the conclusion of Season 9, Ace Nxt Gen, a key partner in the agreement, decided to withdraw from the partnership, leaving HMDA to take on the full responsibility of promoting and hosting future races. Despite this change, HMDA continued its dealings with FEO for subsequent seasons, including the payment of Rs 55 crore, which has now come under scrutiny.

The decision to proceed with payments to FEO, despite the lack of a formal agreement after Ace Nxt Gen’s withdrawal, has raised concerns over the transparency and accountability of HMDA’s financial transactions. It is alleged that the transfer of funds to FEO was made without proper authorization, formal contracts, or clear oversight from the relevant state departments, further complicating the investigation into potential procedural violations.

The situation is particularly sensitive due to the timing of the payment, which occurred during the election model code, a period during which political activity and financial transactions are closely monitored to prevent undue influence on the electoral process. This has added another layer of complexity to the ongoing investigation.

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