Have nothing to do with loan default, says Y.S. Chowdary

Hyderabad, April 8 :Facing a non-bailable warrant in a case of alleged default in repayment of loan from a Mauritian bank, union Minister of State for Science and Technology Y. S. Chowdary on Friday claimed that he is no way concerned and that he was implicated in the case to defame him.  A day after the city court issued the warrant in a case filed by Mauritius Commercial Bank in connection with the default of Rs106 crore loan taken by a Mauritius-based company, the minister said his counsel will approach the court on Monday or Tuesday to seek exemption.

“I will act as per the advice of my lawyer,” Chowdary said to a query if he would appear before the court in response to the warrant. Stating that he is law-abiding citizen, the minister said as someone in public life, he had full respect for the courts and the law of the land but sought to clarify that he is not even a director and has less than one per cent share in Suja Industries, which gave corporate guarantee for the loan raken by Hestia Holdings Limited. He admitted that the step-down subsidiary of Suja Industries took the loan and defaulted. (IANS)