Minister says he is not involved in loan default

Union Minister of State for Science and Technology Y S Chowdary (Sujana Chowdary) said he has nothing to do with the alleged default of Rs 106 crore loan availed from Mauritius Commercial Bank.

To a question about his role in the loan default by Sujana Universal Industries Limited, a firm reportedly promoted by him, the minister on his maiden visit to the Centre for Cellular and Molecular Biology on Friday, said the company concerned will look into the issue and he has nothing to say. “It is a company matter, please direct your questions to the company,” Chowdary said.

Immediately after Chowdary took oath at Rashtrapathi Bhavan last week, there were reports that he has received notices from the court in the matter of Mauritius Commercial Bank for the alleged default of repayment of loan of Rs 106 crore taken by Hestia Holdings Limited, Mauritius (Borrower Company) for which Sujana Universal Industries Limited provided corporate guarantee.

Sujana Universal’s corporate affairs division in its press release clarified that Chowdary, as a person, has nothing to do with the matter and is not connected or associated with the borrowings made by the company. Earlier, the minister visited two CSIR research institutions, including Indian Institute of Chemical Technology and said he has directed his officers to prepare a “five year rolling vision document" for all CSIR research institutions.