Court issued Non- bailable Warrant against Union Minister- YS Chowdary on default in repayment of Loans

Hyderabad: Yesterday, Thursday 7th April, a City Court presided over by the XIIth Additional Chief Metropolitan Magistrate, has issued a non- bailable warrant against Y. S. Chowdary- Union Minister in connection with the case where it is alleged that he is defaulter for repayment of loans.

The said Non- bailable warrant is issued by the City court on the alleged case against the said Union Minister, that he again failed to appear in the court, despite of previous summons to him for seeking his appearance.

Y.S. Chowdary who is the Minister of the State for the Science and Technology along with other accused was allegedly defaulting in the repayment of the Loan which is an amount of 106 crores of rupees and it was allegedly taken from the Mauritius based bank.

As such the Mauritius based Commercial bank has earlier filed a case against the Minister- Y. S. Chowdary’s company- Sujana Universal Industries Ltd. and others.

A Delhi based law firm- Luthra and Luthra Law Offices’s partner- Mr. Sanjeev Kumar, who is seemed representing the said Mauritius- based Bank, said that the said bank has submitted before the court that the said Union Minister was taking excuses and flouting the orders of the said court “on a regular basis”. Mr. Sanjeev Kumar also found stated that the bank also argued before the court that the instance case is fit for issuance of the Non- bailable warrants, as the concerned accused was evading the Court’s process.

As such, as per Mr. Sanjeev Kumar, the said Union Minister has regularly avoided to appear before the court, even though there were summons issued against him and also a conditional order dated 1st April was passed questioning him to be present in the court or face issuance of Warrants.

It is notable that the said Minister is also a no- executive director of the said Sujana industries. He had not appeared along with the others before the court, despite of several summons.

Moreover, it was seen that the said Mauritius- based Bank has issued a loan of said amount to the Mauritius- based Hestia Holdings Ltd., which is a subsidiary of the firm and the minister’s company has given his guarantee for such loan.

Related posts

Leave a Comment