Non-bailable warrant against Union minister YS Chowdary for loan default

Hyderabad - A court here on Thursday issued non-bailable warrants against central minister Y.S. Chowdary in a case filed by a Mauritius-based bank for alleged default of repayment of loan.

The 12th additional chief metropolitan magistrate issued the warrant as the minister failed to personally appear for the third time in response to the summons issued earlier by the court.

Counsel for Mauritius Commercial Bank submitted to the court that the minister evading the process of the court and sought NBW against him.

The magistrate then adjourned the hearing till April 26.

 Non-bailable warrant against Union minister YS Chowdary for loan default

YS Chowdary. Image: Wikipedia

Minister of State for Science and Technology Chowdary, who is an industrialist, and others have been accused of defaulting in repayment of loan in excess of Rs 106 crore.

The loan was taken for Mauritius-based Hestia Holdings Ltd, a subsidiary of Chowdary's Sujana Universal Industries Ltd.

"We submitted before the court that the minister was making 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 as the accused was evading the process of the court," said Sanjeev Kumar who is representing the Mauritian bank.

The bank's counsel had pleaded for NBW during the previous hearing on April 1 as the minister had failed to appear on March 23 despite summons being issued to him. However, the court allowed an application filed by Chowdary's counsel, seeking his exemption from personally appearing before the court.

He had sought the exemption on the ground that he, being an MP, was busy with urgent work in Delhi, and hence could not personally appear before the court.

Chowdary, a non-executive director of Sujana Industries, is a leader of Telugu Desam Party (TDP) and a member of Rajya Sabha.

Considered close to TDP president and Andhra Pradesh Chief Minister N. Chandrababu Naidu, Yelamanchili Satyanarayana Chowdary is popularly known as Sujana Chowdary.

Meanwhile, reacting to court issuing NBW, he said he had full respect for the judiciary and denied that he deliberately avoided appearing in the court.

Chowdary said he could not appear due to pressing engagements and urgent work.


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Updated Date: Apr 08, 2016 09:00:00 IST