Usha Martin board maintains shareholding status quo till NCLT's hearing

The board of Usha Martin Limited, steel and wire rope manufacturer, maintained status quo on the current shareholding of the company till September 14, an official of the company said.

"The status quo had been maintained at today's board meeting. Both Rajeev Jhawar and Prashant Jhawar holds 25 per cent each in Usha Martin and the balance by the public", MD of the company Rajeev Jhawar told PTI.

Prashant Jhawar, a director of the company, moved the National Company Law Tribunal (NCLT) seeking a stay on today's board meeting which was refused by the tribunal.

Both the Jhawars made a commitment to the bankers to infuse Rs 45 crore each in the company taking the total to Rs 90 crore.

"I was prepared to bring in the money today." he said.

But that would have changed the shareholding pattern, he said.

So the board decided to hold the status quo on current shareholding till September 14, the date of next hearing by NCLT, he said.