The UML board was slated to consider the issuance of warrant worth Rs 90 crore, convertible into shares at a later date, on preferential basis to the promoters. While the family of Rajeev Jhawar, who is the managing director of UML, agreed to cough up their part, cousin Prashant Jhawar and family did not agree to the proposal. Prashant Jhawar joined the board meeting today via a video link from London along with his father Basant K. Jhawar. Prashant Jhawar has appealed to the tribunal to be reinstated as chairman of UML. It was at the instance of the SBI that the UML board on April 25 decided to remove him as the chairman and appoint Ghyanendra Nath Bajpai, an independent director, in his place.

Source: The Telegraph August 19, 2017 18:55 UTC