BIZ-USHAMARTIN-MCA (CORR)
- Country:
- India
The Assistant Registrar of
Companies under the ministry of corporate affairs (MCA) has
issued summons to the directors and officers of Usha Martin
Limited which had sold its steel business to Tata Steel.
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
Assistant Registrar 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 Rajeev Jhawar could not
be contacted for his comments.
The summons were issued to Rajeev Jhawar, Pravin Jain,
Rohit Nanda and Shampa Ghosh Roy.
Other directors and officers - Prashant Jhawar, Brij
Kishore Jhawar, Basant Kumar Jhawar, G N Bajpai and Partha
Sarathi Bhattacharya - were also asked to come to keep them
informed of the development.
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 Rajeev Jhawar decided to sell the steel 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 Devdiscourse staff and is auto-generated from a syndicated feed.)
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