Kolkata: 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 the 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.
To keep watching India’s No. 1 English Business News Channel – CNBC-TV18, call your Cable or DTH Operator and ask for the Colors Family Pack (inclusive of 24 channels), available for Rs. 35/- per month, or subscribe to the channel for Rs. 4/- per day.
To keep watching the Leader in Global Market & Business News – CNBC-TV18 Prime HD, call your Cable or DTH Operator and ask for the Colors Family HD Pack (inclusive of 25 channels), available for Rs. 50/- per month, or subscribe to the channel for Rs. 1/- per day.
Your guide to the latest election news, analysis, commentary, live updates and schedule for Lok Sabha Elections 2019 on firstpost.com/elections. Follow us on Twitter and Instagram or like our Facebook page for updates from all 543 constituencies for the upcoming general elections.
Updated Date: Jan 10, 2019 12:15:07 IST