UML deal details
Prashant Jhawar, a promoter of Usha Martin, has written to the National and Bombay stock exchanges seeking details of the impending deal with Tata Steel, which he voted in favour of two days ago.
Jhawar, who was ousted from the position of chairman by the board, urged the bourses to seek various information from the UML management to protect the interest of shareholders.
From the day UML entered into an agreement with the Tatas to sell the steel business to reduce its debt burden, Prashant Jhawar has been seeking the answers from the management which is under his estranged cousin brother Rajeev Jhawar.
Prashant who now lives in the UK and his father Basant, who founded the company, were keen to know how much of the sale proceeds would be spent to pay off debt and the amount that will remain in the balance sheet of the residual wire and wire rope business.
Meanwhile, UML posted Rs 28.92 crore profit in the second quarter compared with a Rs 86.79 crore loss in the same period last year.