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Union Minister YS Chowdary Faces Arrest Over Alleged Loan Default

05/02/2015 - Hyderabad: SUJANA CHOWDHARY at the Engagement ceremony of Gautham_reddy Son of Ganta_venkat_ramana_reddy and swarna_latha with Vishali daughter of Ravi and Radha at JRC convention center on Thrsuday- Deccan chronicle Photo.
05/02/2015 - Hyderabad: SUJANA CHOWDHARY at the Engagement ceremony of Gautham_reddy Son of Ganta_venkat_ramana_reddy and swarna_latha with Vishali daughter of Ravi and Radha at JRC convention center on Thrsuday- Deccan chronicle Photo.

Union Minister YS Chowdary faces arrest with a non-bailable warrant out against him on the complaint of a Mauritius-based bank for alleged loan default.

A judge issued the warrant on Thursday after the minister failed to personally appear for the third time despite court summons.

Mr Chowdary, the Minister of State for Science and Technology, is a leader of the Telugu Desam Party and a member of Rajya Sabha.

He is also an industrialist. As a non-executive director of Sujana Industries, Mr Chowdary has been accused of failing to repaying over Rs.100 crore in loans taken for Mauritius-based Hestia Holdings, a subsidiary of Mr Chowdary’s Sujana Universal Industries.

“We submitted before the court that the minister was making excuses and flouting the orders of the court on a regular basis. We also argued that this was a fit case for issuance of non bailable warrants as the accused was evading the process of the court,” said Sanjeev Kumar, the lawyer representing the Mauritian bank.

The minister had asked to be excused from personally appearing before the court on the ground that as a parliamentarian, he was busy with “urgent work in Delhi”.

Considered close to TDP president and Andhra Pradesh Chief Minister N. Chandrababu Naidu, Mr Chowdary is popularly known as Sujana Chowdary.

Reacting to the warrant, he said he had full respect for the judiciary and denied that he deliberately avoided appearing in the court.
PTI

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