Only in India can a loan defaulter be made a Union Minister. Sujana Chowdary, Union Minister of State for Science and Technology owes Rs 92 crore to Mauritius Commercial Bank Ltd.
The interests and penalties take the total amount to Rs 106crore. The Bank has now moved a petition in Court that Sujana Industries be liquidated if it did not repay the loan immediately.
Sujana has objected to this petition saying that he only stood as a guarantor to the loan availed of by a subsidiary and hence his company could not be liquidated. But the court said that since he was the guarantor, his company will have to repay the amount and admitted the petition.
Admission of a company petition by a high court will have serious consequences that will begin with publication of an advertisement notifying liquidation of the company.
Taking this into account, the judge, as a last chance, deferred the publication of the advertisement for six months in order to enable Sujana to settle its dues with the bank.
In reality, Rs 100 crore should be peanuts for a Central Minister. but why bother repaying at all when you are the Minister?
Recent Random Post:
