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MCA summons directors, officers of Usha Martin

Press Trust of India  |  Kolkata 

The of Companies under the (MCA) has issued summons to the directors and officers of Usha Martin Limited which had sold its business to

The summons, issued under section 207(3) of the Companies Act, 2013 on Monday, asked the directors and officers of the company to appear personally before the of Companies (West Bengal) on Friday.

According to the summons, notices were issued u/s 206 of Companies Act in respect of Usha Martin, and an inquiry was instructed to be conducted corresponding to the complaints of Basant Kumar Jhawar against the company.

Usha Martin later filed its reply in later part of October last year.

The present management under could not be contacted for his comments.

The directors and officers who have been summoned were Prashant Jhawar, Rajeev Jhawar, Brij Kishore Jhawar, Basant Kumar Jhawar, G N Bajpai and Partha Sarathi Bhattacharya among others.

The ministry had asked for all the minute books of board meeting and annual general meetings relating to the issues mentioned in the complaints for the last five years.

Facing huge losses, the management of Usha Martin under decided to sell the business to Tata Steel and said the proceeds would be used to retire debt.

Usha Martin would stick to its wire rope business after exiting from steel.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 09 2019. 17:55 IST