Four Independent Directors join Bhushan Steel Board

Four Independent Directors have been inducted onto the Board of debt-ridden Bhushan Steel, while one quit.
In a communique to stock exchanges today, the company said its Board in its meeting held on September 20 approved appointments of Ashwani Kumar, Pradeep Patni, Sahil Goyal and Sushant Jain as additional independent directors.
The Board also accepted the resignation of Mohan Lai, who had been in the company's Board for a "long tenure of 25 years".
Bhushan Steel had on August 25 announced the resignation of V K Mehrotra from the Board as an Independent Director.
Following Mehrotra's resignation, Bhushan Steel had five functional directors and four independent directors on its Board.

Now, with the resignation of Lai and appointment of four Independent Directors, the size of company's decision-making body stands at 12.
A consortium of bankers, which had in the last month ordered a forensic audit into the books of account of the company and asked its promoters to infuse more capital to ensure that it remains solvent, also decided to appoint three nominee directors on the board representing the lenders.
It could not be ascertained whether the newly-inducted independent directors were nominees of the lenders.