'Not connected to loan default': Union minister YS Chowdary who faces arrest
Mr Chowdary said that he had relinquished all responsibilities from the company in 2010 whereas the loan was taken in 2012.
Hyderabad: Union minister Y. Sujana Chowdary on Friday said that he was in no way connected with the defaulting of a Rs 106 crore loan given by Mauritius Commercial Bank Ltd to a step-down subsidiary of Sujana Universal Industries Ltd, for which the minister was issued a non-bailable warrant on Thursday by the Hyderabad High Court.
Mr Chowdary said that he had relinquished all responsibilities from the company in 2010 whereas the loan was taken in 2012. He said that he was in no way related to the issue and is not connected to the company in any manner other than having one per cent share in it.
Read: Non-bailable warrant against union minister YS Chowdary for loan default
Mr Chowdary said, “It is a pressure tactic by the lawyers of the Mauritian bank to involve me in the issue. Sujana Universal Industries Ltd has to take responsibility along with local bankers who are on the board of directors in the company. It is a civil matter and the company management along with the local bankers will together decide on how to discharge the liability.”