Page 3 - Usha Martin
Here's what led to a standoff at Usha Martin's board
The proposed sale of the wire ropes division of Usha Martin that partly caused non-executive chairman Prashant Jhawar his job was, ironically, mooted by him in 2016.Jhawar, however, had valued the division at Rs 1,350 crore, lower than the Rs 2,000-2,500 crore discussed by investment banks. On Tuesday, when the board of directors at Usha Martin voted in favour of ousting Jhawar as non-executive chairman, on the basis of a written requisition from the nominee director of the State Bank of India (SBI), it was primarily on two grounds. One of these was the difference on the sale of the wire ropes division.Interestingly, however, the other promoter group, the Brij-Rajeev Jhawar faction, were on the same page as the lenders as far as sale of the wire ropes division was concerned. The other part that led to the extreme step by the lender was the pledge of shares by SBI. It had extended a term loan of Rs 290 crore and a corporate loan of Rs 900 crore to Usha Martin in 2015, on the basis ...
 "Here's what led to a standoff at Usha Martin's board")
Will bring down debt; work towards best interest of firm: Usha Martin MD
Rajeev Jhawar abstained from voting on resolution for Prashant's removal during board meeting
 "Will bring down debt; work towards best interest of firm: Usha Martin MD")
Tension mounts in Usha Martin as board removes chairman
Independent non-executive director Ghyanendra Nath Bajpai will replace Jhawar
Steel woes may hit Usha Martin
High debts and big losses since 2014-15 have forced steel maker to sell its wire, wire rope business
 "Steel woes may hit Usha Martin")