Not part of firms raided by ED, says TDP lawmaker

HYDERABAD: Former Union minister Y S Chowdary on Saturday refuted ED’s allegations and said he’s neither chairman nor in an executive position in any of the Sujana group companies as he had quit these firms in 2010.


“Of the six cars seized by ED, three are registered in individual names and three are in the names of companies. The three companies which own the cars are not dummy companies as alleged as they are filing tax returns. I have only a symbolic stake of 1% in these companies,” Chowdary said.

“Sujana Universal Industries Ltd, Splendid Metal Products Ltd (formerly Sujana Metal Products Ltd) and Neueon Towers Ltd (formerly Sujana Towers) are public limited companies for past 25-29 years with assets across south India. Banks won’t give loans blindly. Due to the economic downtrend, the steel industry is reeling under a crisis. Banks are coming forward for restructuring. Production is going on in these companies and 5000 people are employed,” he said.

“I don’t know how figures of Rs 6,000 crore and 120 companies were arrived at. Many are consultancy firms working on the premises. Regarding e-mail correspondence, people seek my advice on engineering solutions in individual capacity. I have no links to Best and Crompton. Directors of the company may have given statements against me probably to escape from their problems. When the stock exchange scam broke, Harshad Mehta took former PM P V Narasimha Rao’s name. Does it mean PVNR was involved,” asked the TDP

Rajya Sabha

MP.

“Regarding Luxembourg GDRs, all the funds have been converted into equity shares and there is no outstanding issue. We have complied with all the regulations,” said Chowdary. “I gave bank guarantee to the Sujana companies 30 years ago based on my net worth. If the bankers have a problem they may go to NCLT,” he said, adding “I have got the summons in which they mentioned that in connection with the searches, the ED wants to record my statements. As I have a parliamentary session, I told them I would appear on January 9.”