HC Slaps Notice on Sujana Chowdary in Loan Repayment Case

Published: 31st October 2015 06:09 AM  |   Last Updated: 31st October 2015 06:29 AM   |  A+A-

HYDERABAD:  The Hyderabad High court on Friday issued notices to the board of directors of Sujana Universal Industries Limited, including Union minister Y Sujana Chowdary, in a contempt petition filed by the Mauritius Commercial Bank alleging that the company has defaulted on re-payment of a '106 crore loan. The minister is now a non-executive director of the company.

The Mauritius Bank has filed a contempt case against the directors of the company alleging that they have wilfully chosen to avoid complying with the order passed by a city civil court despite the High Court dismissing their revision petition. All this was done to scuttle the administration of justice, it contended.

The bank submitted that the civil court had ordered the company to disclose the details of all its assets, including the bank accounts, through an affidavit. Initially, they chose not to mention any bank accounts and later filed an affidavit mentioning a few bank accounts outside the jurisdiction of the court in Hyderabad, it pointed out.

It alleged that this was done as a deliberate attempt to defeat the legitimate claim of the bank that is pursuing the execution of an order issued by a United Kingdom High Court against Sujana Industries. The bank approached the civil court for recovery of `106 crores.

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