SC dismisses Sujana Industries plea

Delhi, Sep 01: The Supreme Court today dismissed a petition filed by Sujana Industries seeking stay on Hyderabad High Court's order on liquidation of the company. Sujana Industries stood as a guarantor for Rs 100 crore loan availed by the company's subsidiary Heistia in Mauritius. As Heisita defaulted in repayment of loan, Mauritius Commercial Bank filed liquidation plea against the guarantor Sujana Industries in Hyderabad. It may be noted that the Hyderabad High Court directed Sujana Industries to pay the loan amount by September 30. Sujana Industries and its subsidaries are owned by TDP senior leader and Union Minister Sujana Chowdary.