Usha Martin to seek shareholder nod for business sale to Tata Steel

The requisite majority for the special resolution to go through is 75 per cent of the votes

Usha Martin will seek shareholder nod on November 10 for sale of its steel business to Tata Steel. The resolution will be placed as a special business before the shareholders for approval at an extraordinary general meeting.
 
The support of the Basant and Prashant Jhawar promoter faction  — a 25 per cent shareholder in Usha Martin — which had not given consent to the deal at the company’s board meeting that approved the sale to Tata Steel, would be the key, said sources.
 
However, days after the agreement, the father-son duo had issued a statement saying that they