Hyderabad: The Tenth Additional Chief Judge of Hyderabad City Civil Court on Saturday ordered Sujana Group of Industries, owned by Union Minister Y.S. Chowdary, to repay Rs 6.20 crore with interest to three companies belonging to B. Ramalinga Raju, founder of Satyam Computer Services.
The judge passed three separate decrees on three suits moved by like Fincity Investments Pvt Ltd, Highgrace Investments Pvt Ltd and Elem Investments Pvt Ltd stating that they had given five loans to Sujana Capital services Ltd, Futuretech Industries Ltd and Platina Properties and Projects Ltd and Mr Chowdary stood guarantor along with another director, R. Devender Reddy, for the loans.
The petitioner companies told the Court that all the loans were taken in 1999 and they moved court in 2003 after the borrower companies failed to repay the money.
They submitted that the borrowers failed to honour the written agreements to repay the money within a short span of time and urged the Court to grant decree for recovery of loans with penal interest.
The Sujana Group claimed that the lending companies used them for transferring their money. While awarding the decrees, the judge refuted the contention of the Sujana Group saying that no evidence was placed to back it up.
The judge held that the borrower companies and the directors who stood as guarantors for the loans were liable to repay the decree amount with interest ranging from 18 per cent to 24 percent for 17 years.
Counsel for the petitioner companies said according to the decree the total amount with interest payable would now be about Rs 17 crore.
