NCLT rejects Usha Martin ex-chief's plea

To stay Usha Martin board meet over fresh equity infusion

The National Company Law Tribunal (NCLT) has rejected an appeal by Usha Martin’s ousted chairman, Prashant Jhawar, board member Basant K Jhawar, and other promoter shareholders to stay a board meeting scheduled for Saturday.

The meeting is about infusing fresh capital into the company.

In a filing with the Bombay Stock Exchange, the company said the promoters, including Usha Martin Ventures Ltd and Peterhouse Investments India Ltd, had moved the Kolkata Bench of the NCLT on Thursday, seeking the appointment of a special officer or administrator to supersede the current board as well as prevent the company from infusing fresh equity.

Debanjan Mandal,