INSUBCONTINENT EXCLUSIVE:
Kolkata: The Assistant Registrar of Companies under ministry of corporate affairs (MCA) has issued summons to directors and officers of Usha
Martin Limited which had sold its steel business to Tata Steel.
The summons, issued under section 207(3) of Companies Act, 2013 on Monday,
asked directors and officers of company to appear personally before Assistant Registrar of Companies (West Bengal) on Friday.
According to
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 complaints of Basant Kumar Jhawar against 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 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 minute books of board meeting and annual general meetings relating to issues mentioned in complaints for last five
years.
Facing huge losses, management of Usha Martin under Rajeev Jhawar decided to sell steel business to Tata Steel and said proceeds
would be used to retire debt.
Usha Martin would stick to its wire rope business after exiting from steel.
