HYDERABAD: The X Additional chief judge of city civil court has ordered Union minister of state for science and technology Y Sujana Chowdary and his companies to repay an amount of `6.2 crore to three front companies relating to B Ramalinga Raju, the disgraced founder chairman of Satyam Computers company, with interest ranging from 18 per cent to 24 per cent for 17 years.
It is learnt that the total amount with interest payable will now cross `17 crore.
The additional chief judge passed separate decrees in the petitions filed by the Ramalinga Raju companies - Fincity Investments Pvt Ltd, Highgrace Investments Pvt Ltd and Elem Investments Pvt Ltd which gave five loans to the companies related to Sujana Chowdary.
The companies that availed these loans from Raju companies are Sujana capital services Ltd, Futuretech Industries Ltd and Platima Properties and Projects Ltd., and they have failed to repay the loans. For all these loans, Sujana Chowdary stood as a guarantor along with another director R Devender Reddy.
The companies took the loans in the year 1999 and the civil suits were filed in 2003. Despite written agreements to repay the money within a short span of time, Sujana and the company have failed to repay. Aggrieved by this, the lender companies filed suits in the civil court seeking recovery of their money with interest from Sujana Chowdary and his companies. Sujana companies claimed that the firms of Raju used them for transferring their monies.
The judge rejected the claim of Sujana companies saying that there is no evidence for it. The judge held that both companies and the guarantors are jointly liable to repay the decreed amount.In fact, in May this year, Sujana Chowdary appeared before the XII Additional Chief Metropolitan Magistrate, Nampally, and furnished sureties in a case filed by the Mauritius Commercial Bank which has been claiming for recovery of `106 crore loan from Sujana Universal Industries stating that the company stood guarantor for the loan availed by its subsidiary company i.e.
Mauritius based Hestia Holdings Ltd. The Union minister is a non-executive director and Sujana Industries stood as a guarantor to the loan.