MCA Summons Directors & Officers of Usha Martin

Usha Martin Limited Directors and Officers are summoned to directly appear before the Assistant Registrar of Companies – West Bengal under the Ministry of Corporate Affairs (MCA). Summon is issued under section 207(3) of the Companies Act, 2013.

As per the summon, notices were issued to Usha Martin u/s 206 of Companies Act and an inquiry was advised to be operated corresponding to the complaints by Basant Kumar Jhawar against Usha Martin Limited.

There are five serious complaints registered against Usha Martin Limited in the year 2014 and the cases have still not been resolved and are under examination.

The Directors & Officers summoned were Prashant Jhawar, Rajeev Jhawar, Brij Kishore Jhawar, Basant Kumar Jhawar, G N Bajpai and Partha Sarathi Bhattacharya.

The country’s largest steel wire rope maker, Usha Martin Limited needs to produce all the minute books of board meetings and annual general meetings in respect to the issues mentioned in the complaints for the past five years to Assistant Registrar of Companies – West Bengal.

The Enforcement Directorate has initiated an investigation against Rajeev Jhawar, the Managing Director of UML, who has been linked to allegedly violating the Foreign Exchange Management (FEMA) Act by purchasing and registering an immovable asset in Singapore in 2013 and mobilizing funds to make some more overseas transactions

Tata Steel Limited had acquired the one million debt-ridden steel business of Usha Martin Limited for a cash payment of Rs. 4,300 – 4,700 crore. The proceeds from the deal would be used for clearings debts but its founder Basant Jhawar and his son Prashant Jhawar who have a 25 percent share of UML have expressed concerns over the use of the funds for clearing all the debts.

Usha Martin will continue to carry on its wire rope business after exiting from steel.

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