Tension mounts in Usha Martin as board removes chairman

Independent non-executive director Ghyanendra Nath Bajpai will replace Jhawar

The board of directors of Kolkata-based Usha Martin Ltd removed Prashant Jhawar as the company’s non-executive chairman on Tuesday and replaced him with Ghyanendra Nath Bajpai, one of the independent non-executive directors. Jhawar will, however, continue to stay on the company’s board as a director.

Usha Martin is a leading manufacturer of wire ropes and speciality steel in India.

In a filing to the BSE, the company said it had formalised the appointment of Bajpai as Jhawar’s replacement. No reason was given for the decision, though. Jhawar, however, questioned his removal. 

“No cogent reasons or rationale have been provided for