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Sujana Ind stares at liquidation
Sujana Ind stares at liquidation. In what could come as a fresh embarrassment to the Narendra Modi government, Union Minister of State for Science and Technology, Y Sujana Chowdary, suffered a huge blow here on Tuesday when the Supreme Court refused to intervene in his company’s case against the High Court order.
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‘SUPREME’ BLOW TO UNION MINister CHOWDARY
- Mauritius Commercial Bank is given permission to go ahead with its plans to auction SUL properties to recover loan of Rs 106 crore to its subsidiary, Hestia
- The apex court dismissed the special leave petition against the order of High Court
- at Hyderabad
- This is being seen as a huge embarrassment to the Modi government because the Opposition may demand ouster of the Minister
New Delhi: In what could come as a fresh embarrassment to the Narendra Modi government, Union Minister of State for Science and Technology, Y Sujana Chowdary, suffered a huge blow here on Tuesday when the Supreme Court refused to intervene in his company’s case against the High Court order.
The Special Leave Petition filed by the Sujana Universal Industries (SUL) seeking a directive against the order of the High Court permitting the Mauritius Commercial Bank to go ahead with its plans of advertising auction of the Sujana Universal Industries properties to adjust the proceedings against the loan given to SUL’s subsidiary company Hestia.
SUL was a guarantor for Hestia against a loan of Rs106 crore borrowed by the latter. The lending bank authorities approached the High Court in the past for recovery of the loan amount and a single bench then said the bank authorities could go ahead with their move to advertise the process six months later.
Sujana Chowdary’s company then approached a larger bench against the order on the plea that the bank authorities should seek a civil suit in a civil court. A two-member bench of the HC, headed by Justice S Ravi Kumar and Justice Ramesh Ranganathan, said the five months was a sufficient waiting period for the bank and if the company could not repay the same, they could proceed as planned.
The SUL then approached the SC by filing a Special Leave Petition (SLP), contending that the order was improper and the bank could not initiate action against the guarantor company for liquidation. The senior counsel, Adinarayana, appearing on behalf of the SUL argued in front of the bench consisting Justice Chalameshwar and Justice Abhay Manohar Sapre against the High Court directive and sought a stay on the same under the Companies Act.
However, the bench refused to intervene and set aside the SLP. The Mauritius Commercial Bank can now go ahead with their plans of loan recovery after September 30, the deadline set by the High Court. The Bank representatives said action in according to the provisions of the law would be initiated against the company and its directors.
It may be recalled that Smriti Irani’s case, questioning her educational qualifications, is already pending in the court. The Opposition is making use of every such opportunity to bring pressure on the government and attack it further seeking dismissal of the Ministers. Perhaps, Sujana Chowdary, would be the latest addition to such a list now.
