STOCK MARKET BSE NSE

Court Issues NBW against Sujana

Based on a complaint filed by the Mauritius Commercial Bank, the XII Additional Chief Metropolitan Magistrate, Nampally.

Published: 08th April 2016 04:42 AM  |   Last Updated: 08th April 2016 04:52 AM   |  A+A-

HYDERABAD: A city court has issued a non-bailable warrant (NBW) against Union minister Y Sujana Chowdary and others in a bank case where the accused have allegedly defaulted on repayment of loan in excess of `106 crore taken from a Mauritius-based bank. The Court had earlier issued summons to the board of directors of Sujana Universal Industries Limited, including Chowdary. The minister had failed to appear before the court on three successive occasions.

Based on a complaint filed by the Mauritius Commercial Bank, the XII Additional Chief Metropolitan Magistrate, Nampally, issued the non-bailable warrant.

The bank, in its complaint, alleged that the board of directors of Sujana Universal Industries Limited had committed various offences under the Indian Penal Code which included dishonest or concealment of property to prevent distribution among the creditors. The court had directed the accused to disclose all their assets, including the bank accounts details, through an affidavit. This was done as a deliberate attempt to defeat the legitimate claims of the bank that is pursuing an execution of a United Kingdom High Court order against Sujana Industries, it further alleged.

The bank submitted that the company stood as a guarantor for the loan which was availed for Mauritius-based Hestia Holdings Ltd. a subsidiary of Sujana industries, and the company has to repay Rs 106 crore to it.

“The Union minister chose not to appear before the court despite having been issued summons and a conditional order being passed on April 1, asking him to appear before the court or face warrant. We (the bank) submitted before the court on Wednesday that the minister was taking 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 (NBWs) as the accused were evading the process of the court and the court was pleased to issue NB against the minister and other accused,”

Meanwhile, minister Chowdary, in a statement, said he was unable to appear before the court on the previous dates owing to “pressing public duties in public interest”. “I have highest regard for the judiciary and never had any intention to avoid appearing in the court. The orders of the court will be complied with”, he added.

More from Hyderabad.

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp