#AAP demands an explanation from the Prime Minister on his multi-hundred crore defaulter minister – Mr YS Chowdary
BJP, Congress and many other regional parties have had a cozy relationship with banks for a long time, but never has there been such a blatant supporter of defaulters as the present Narendra Modi-led BJP Government. The Modi Government has let defaulter Vijay Mallya escape abroad and now they have made 9000 crores defaulter – Telugu Desam Party (TDP)’s YS Chowdary, popularly known as Sujana Chowdary a Minister of State! It is shameful that the Finance Minister Arun Jaitley has supported YS Chowdary by trying to fool the public with the “restructured debt” story.
Chowdary’s three companies, Sujana Metal, Sujana Universal and Sujana Towers have been in trouble for decades, with short term and long term loans worth hundreds of crores! In addition they have debtors of nearly 5000 crores! Chowdary should be immediately declared a major defaulter as his companies’ profits & assets do not in any way come close to 9000 crores! Just last year Supreme Court rejected Sujana’s plea in relation to case by Mauritius Commercial Bank for a 106 crore loan default.
It is shame for the nation that a Prime Minister who claimed “na khaunga, na khaane doonga” is blatantly encouraging the defaulter YS Chowdary who has cheated shareholders and public sector banks, by giving him a cabinet berth. The AAP demands that Chowdary be removed from the Cabinet and be prosecuted for the multi crore default. Senior party leader Ashutosh demanded that Shri Narendra Modi must clarify why he was made a cabinet minister in the first place!
Public Sector Banks in India have long been accused of lending vast sums money to businesses of politicians and their crony capitalists purely on political pressure. Most of these businesses do not pay back either the loans or the interests ! The banks then cover up through “window dressing” – they claim to restructure the loans such that they are not counted as Non Performing Assets (NPAs) and the businesses are not declared defaulters.
