Binod Chandhary, President and Managing Director, Chaudhary Group, said Saturday in a newspaper advertisement  he was no longer a director of Shri Mahalaxmi Sugars Ltd and claimed he had not defaulted on any payments to banks and institutions.

Chaudhary said he has resigned from the Mill and sold all his shares to Birendra Kumar Kanaudia. Chaudhary was responding to a 35 day notice of the Rashtriya Banijya Bank in newspaper Friday to clear millions of rupees in principal and interest or face legal action.

“The notice is intended to defame me and my family. I object,” Chaudhary said.