Usha Martin board heeds NCLT directive, refrains from capital infusion

While status quo is to be maintained on shareholding pattern, firm allowed to raise debt

The Usha Martin board, in its meeting on Saturday, decided not to opt for fresh capital infusion in the company following the directives of the National Company Law Tribunal (NCLT). 

  

The board had earlier decided that the company’s promoters, Prashant Jhawar and Rajeev Jhawar would infuse Rs 45 crore each to help the company pay off debts and for other purposes.

However, on Thursday, the company’s ousted chairman Prashant Jhawar, who is also a promoter, board member Basant K Jhawar and other promoter shareholders had appealed to NCLT to stay the board meeting scheduled on Saturday.

Although the NCLT declined to