Usha Martin feud: Rajeev did not abide by shareholders' pact, says Prashant

The battle for control of the Usha Martin group has taken a new turn with Prashant Jhawar saying his cousin Rajeev has refused to implement the shareholders’ agreement signed between the two in 2009, under which he could demand executive powers in running the company and not remain just a non- executive chairman.

Also, responding to Rajeev Jhawar’s offer that he was open for a settlement, Prashant said no such offer had been made.

   

In the shareholders’ agreement, both Rajeev and Prashant Jhawar have the right to nominate each other as chairman or managing director with executive powers in flagship