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YS Chowdary denies link with defaulter firm
Union Minister of State for Science and Technology Y S Chowdary, against whom a non-bailable warrant was issued in a loan default case, on Friday claimed he was now not linked to the accused company and its management has to take responsibility on repayment of the over Rs 100 crore liability.
Chowdary said though he was the founder of the company, he had relinquished his shareholding and directorship. “Now I hold less than 1 per cent share in the company. My transactions are clean,” he claimed
Hyderabad: Union Minister of State for Science and Technology Y S Chowdary, against whom a non-bailable warrant was issued in a loan default case, on Friday claimed he was now not linked to the accused company and its management has to take responsibility on repayment of the over Rs 100 crore liability.
"I had relinquished all my responsibilities as a founding director (of Sujana Universal Industries Ltd) in 2010. After that I acted as non-executive chairman of the company till 2014 and now I am not connected to the company. I was neither a director when the loan was taken in the 2012," he told reporters here.
Chowdary said though he was the founder of the company but he had relinquished his shareholding and directorship. "Now I hold less than 1 per cent share in the company. My transactions are clean," he claimed. "However, this company I understand had given some corporate guarantee to its subsidiary (while borrowing loan). It's a civil matter between company to company and a person like me in individual capacity will never have any connection to this kind of deal," he added.
Based on a criminal complaint filed by Mauritius Commercial Bank Ltd, the Additional Chief Metropolitan Magistrate here Thursday issued the warrant against Chowdary after he "failed" to appear before the court. Mauritius Commercial Bank Ltd had filed the complaint in the court accusing Chowdary and others of "defaulting on repayment of loan of Rs 106 crore".
The bank had submitted that it had lent over Rs 100 crore to Heistia Holdings Ltd, a subsidiary of Sujana Universal Industries Ltd, and had secured a decree from a London court. Chowdary said the company officials - managing director and other directors have already attended the court as part of the proceedings. "I see that there is an injustice in issuing NBW against a person who is no way connected to the company...
However, it is a sub-judice matter and I have no authority or right to talk." Sujana Universal Industries Ltd has to take responsibility along with local bankers (who are board directors of the company), he said, adding "it is a civil matter and the company management and the local bankers would together decide on how to discharge the liability."
