Basant, Prashant Jhawar to vote in favour of Usha Martin sale to Tata Steel

Days after the Tata Steel deal, Basant and Prashant Jhawar had raised concerns about the utilisation of funds from the sale

Basant Jhawar, chairman emeritus, and Prashant Jhawar, his son and former chairman of Usha Martin, who had not given consent during the board meeting that approved the sale of the steel business to Tata Steel, have decided to support the resolution at the forthcoming shareholders’ meeting.

Together they own 25.5 per cent of the equity in the firm. The shareholders’ meet is on November 10.

The resolution is being placed as a special business item; this would require 75 per cent of the votes. The father-son’s support, therefore, is needed for the deal to go through.

Prashant