Non-Bailable Warrant Issued Against YS Chowdary for Loan Default

Chowdary has been accused of defaulting in repayment of a loan in excess of Rs 106 crore.

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Chowdary (right) has been accused of defaulting  repayment of a loan in excess of Rs 106 crore taken from a bank based in Mauritius. (Photo: <a href="http://pibphoto.nic.in/photo//2014/Nov/s2014111759101.jpg">pib.nic.in</a>)

The Court of XIIth Additional Chief Metropolitan Magistrate has issued a non-bailable warrant against Union Minister YS Chowdary for allegedly defaulting on the repayment of loans.

Chowdary has been accused of defaulting a loan in excess of Rs 106 crore taken from a bank based in Mauritius.

I have just been informed that a non-bailable warrant has been issued against me by the Honourable Hyderabad court. Owing to pressing public duties, I was unable to appear on the previous dates. I have the highest regard for the judiciary and never intended to avoid appearing in court. The court’s orders will be complied with. 
YS Chowdary

The bank initiated various litigations against the minister and his company. Chowdary failed to appear in court on three consecutive occasions.

The Minister chose not to appear before the court despite summons issued against him and a conditional order being passed on 1 April asking him to be present in court. We submitted before the court today 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 issue of non-bailable warrants, as the accused was evading the process of the court. 
Sanjeev Kumar, Partner, Luthra & Luthra Law Offices

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