Have relinquished all positions in Sujana Ltd: Union minister

Union minister Y S Chowdary, against whom a non-bailable warrant was issued in a loan default case, today 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 step-down 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 yesterday issued the warrant against Chowdary, Union Minister of State for Science and Technology, 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 in 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."

Asked if he was planning to move a quash petition in a
higher court against the NBW or appear before the court, Chowdary said he will proceed based on the advice of his legal counsel.
"My legal counsel is taking up effective required steps to address this issue."
The Opposition is there only to keep on putting allegations. "It is a fact that the bank has to recover this money. Legally, if liable I will come forward and settle (pay the loan). No one can say that I will run away. Company is liable and they are addressing and they (its officials) have attended the court proceedings," the minister said.

"I was pre-occupied with work and was unable to appear before court. Now NBW has been issued. We will definitely follow the law of the land. Last 30 years I (as an entrepreneur) have attended many courts but no issues are pending," he added.
The court has posted the matter for hearing on April 26.