Basant Kumar Jhawar, the former chairman of Usha Martin Ltd. (UML), lost his position on the board after shareholders gave thumbs down to a proposal on his continuation beyond March 31, 2019. In a regulatory filing, UML said that 67% of the shareholders voted against the resolution which sought continuation of Mr. Basant Kumar Jhawar, 83, as non- executive director. However, another resolution moved at the company’s EGM held on Saturday, seeking continuation of co-founder Brij Kishore Jhawar, 81, sailed through with 99.8% votes in favour. Mr. Brij Kishore Jhawar and Mr. Basant Kumar Jhawar are brothers and the voting pattern is seen reflective of the ongoing feud between the two family factions. Meanwhile, in a statement Mr. Basant Kumar Jhawar said that it was unfortunate that Mr. Rajeev Jhawar, along with persons acting in concert, had got him removed.

Source: The Hindu April 01, 2019 17:12 UTC