The Sujana Group of Companies is not run by any of the family members of Shri Chowdary. All the companies in the Group are managed by professionals. The boards of listed companies consist of independent directors of eminence in their respective fields. All the companies in the Group are following the highest level of Corporate Governance.
The records and transactions of all the companies in the Group are regularly inspected/scrutinized by the relevant statutory bodies like ROC, SEBI, Inspector of Factories, Dept of Excise, and others regarding compliance with various statutes and laws of the land.
At no point in time have any major violations been notified/raised against the companies in the Group. The list of our Group of Companies is published in the annual reports of the listed companies; these are updated every year.
The Group companies have always endeavored to maintain the highest levels of corporate probity, discipline, code of conduct and ethics.
Despite such scrupulous adherence to all mandatory regulations, there is a lot of misinformation out there in the media and on the internet, making a slew of insinuations against the Sujana Group companies and unverified reports about alleged cases on Shri YS Chowdary by various Central Government investigative agencies such as the CBI, Enforcement Directorate etc.
However, all these charges relate to alleged loan defraud by M/s Best & Crompton Engineering Projects Ltd, (BCEPL), Chennai.
Alleged CBI cases against Shri Chowdary
Shri YS Chowdary was summoned by the CBI under Section 160 of CRPC, in relation to investigation in FIR No. 4(E)/2017, vide notices dated 22.04.2019 and 27.04.2019. This FIR is relating to M/s Best and Crompton Engineering Projects Limited (BCEPL), Chennai. However, Shri Chowdary is neither a director nor shareholder nor an employee nor business associate nor related to any of the directors of M/s BCEPL.
The fact of the matter is that Shri Chowdary has no connection with BCEPL and its activities and hence the CBI filed no FIR against Shri Chowdary. He was only asked to furnish information on suspicion by the investigative agency. Notwithstanding this fact, news reports continue to flood implicating Shri Chowdary in this case without any factual basis.
In fact, Shri Chowdary approached the Telangana High Court challenging the notices issued to him by the CBI, Bengaluru, in the case related to Best & Crompton Engineering Projects Ltd, Chennai. In the petition, he also asserted that he is neither a shareholder nor a director in BCEPL.
No FIR or complaint has been filed by any statutory authority, banks, or financial institutions against Sri YS Chowdary or Sujana Group Companies, except in a matter regarding personal guarantee.
Look-out Circular (LoC)
YS Chowdary was not aware of any Look-out Circular (LoC) issue and only learned about it while traveling to the USA in November 2020. Subsequently, the Honorable Telangana High Court issued orders permitting Shri YS Chowdary to travel as per the submitted itinerary. He has since challenged the LoC in court.
In this regard, this Q&A provides a snapshot of the non-existent role of Shri Chowdary in the case.
Several manufactured charges were thrown at the Group in a slew of media outlets since Shri Chowdary's entry into politics. In the spirit of transaparency and good faith, here is an attempt to provide answers to these motivated allegations.
Shri Chowdary has not been named by CBI in any FIR or chargesheet till date. The actions of the CBI and others relate to an FIR registered against M/s Best & Crompton Engg Projects Ltd. and others by the CBI Bangalore office and in any way relating to Shri Chowdary.
No, Shri Chowdary is never a director in the above complainant company.
No. he has never been a shareholder in the above complainant company since its inception.
No. he has never been an employee in the above complainant company.
No. He has never had any financial transaction at any time with the complainant company.
No. No FIR or charge sheet is filed by any banks or financial institutions against him or any company founded by him.
No. The petitioner has never received any money from the above named complaint.
No, the petitioner never attended any bank meetings of the above complainant company.
No, he has never been named by any bank or financial institution.
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