Here's what led to a standoff at Usha Martin's board

The board was in favour of ousting non-executive chairman Prashant Jhawar

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