Shareholders' pact between families flouted: Usha Martin's Basant Jhawar

Both Basant Jhawar, 83, and the continuation of his brother Brij Jhawar, 81, on the board was put to vote

The wrangling in the Jhawar family continued with Basant Jhawar — a founder of Usha Martin who was voted out by shareholders on Saturday — alleging that the shareholders' agreement between the two families has been flouted with Rajeev Jhawar voting against his continuation on the company's board.

“It is an unfortunate event and short sighted that Rajeev Jhawar along with persons acting in concert with him got me removed. Though the management headed by Rajeev Jhawar had sent the resolution for my continuation to the board for consideration and approval, they voted against my continuation at the shareholders’ meeting.