Promoter faction raises questions on Usha Martin-Tata Steel deal

Prashant Jhawar sought to know the debt of the company as of September 30, 2018

After the Usha Martin-Tata Steel deal was cleared by its shareholders, with 99.99 per cent of votes in favour, Prashant Jhawar, one of the majority shareholders, raised questions on the debt of the company, expected net proceeds, and funds likely to be used for repaying debt.

The Basant-Prashant Jhawar promoter faction holds a 25.5 per cent stake in the company. The duo also dissented on the firm’s results, approved by the board of directors with a requisite majority at the meeting held on Monday. 

Sources close to the development said the issue of sale of wire and wire ropes, had to be