Hyderabad: The XII Additional Chief Metropolitan Magistrate of Hyderabad on Saturday issued summons to the board of directors of Sujana Universal Industries Ltd including Union minister Y.S. Chowdary, who is now a non-executive director of the company, based on a complaint moved by the Mauritius Commercial Bank.
In its complaint, the bank had alleged that the board of directors had committed various offences under the Indian Penal Code, including fraudulently removing property.
The board of directors did so in order to prevent distribution among creditors despite the court’s order to disclose the details of all its assets including details of all bank accounts.
The bank further alleged that this was done in an attempt to defeat the legitimate claims of the bank that is pursuing an execution of a United Kingdom High Court Order against Sujana Industries.
However, the bank submitted that company had stood as guarantor for the loan which has availed for Mauritius-based Hestia Holdings Ltd which is its subsidiary and the company has to repay Rs 106 crore to it.
The court ordered summons by directing the board of directors to appear before it on March 5.
Source From Deccan Chronicle
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