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Tension mounts in Usha Martin as board removes chairman

Independent non-executive director Ghyanendra Nath Bajpai will replace Jhawar

Usha Martin
Logo of Usha Martin. (Photo courtesy: Usha Martin)

The board of directors of Kolkata-based Usha Martin Ltd removed Prashant Jhawar as the company’s non-executive chairman on Tuesday and replaced him with Ghyanendra Nath Bajpai, one of the independent non-executive directors. Jhawar will, however, continue to stay on the company’s board as a director. Usha Martin is a leading manufacturer of wire ropes and speciality steel in India. In a filing to the BSE, the company said it had formalised the appointment of Bajpai as Jhawar’s replacement. No reason was given for the decision, though. Jhawar, however, ...