Friday, April 8, 2016
Union Minister of State for Science and Technology Y.Satyanarayana Chowdary had said that he had not taken loan from the Mauritius Commercial Bank and his group – Sujana Universal Industries- stood as a guarantor to the loan obtained by a step-down subsidiary.
The reaction came from him following a Non Bailable Warrant issued against him by a city court relating to default in repayment of Rs.106 crore obtained by their subsidiary frim form the Bank in 2012. The NBW was issued after he failed to appear before the court despite summons issued on February 20, March 5, and 22 and April 1 and 7.
Sujana said that the company stood guarantor to the loan obtained by the subsidiary in 2012 two years after he stepped down as the Chairman of Sujana Group in 2010. He said that there were several charges in the company after he stepped down. The company has sought time to fulfil its obligations as guarantor of the loan as even local banks were given time for repayment. He said that there is a difference between default and fraud. The company will respond to all the obligations cast on it as guarantor and it is only a matter of time before the obligations are fulfilled, he said.
On the issue of NBW, Sujana Chowdary said that he was in the process of taking legal opinion. On the failure to appear before the court, he said that he could not attend the court proceedings owing to pressing engagements he had as a Union Minister and had sought exemption from personal appearance .