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Mr Prashant Jhawar quits as Non-Executive Director of Usha Martin

Steel News - Published on Mon, 16 Sep 2019

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Economic Times reported that Mr Prashant Jhawar has resigned as non-executive director from the board of Usha Martin Ltd. Mr Jhawar sent in his resignation in a letter addressed to the company's board of directors on September 12: 2019: alleging illegalities and noncompliance of provisions of law by directors and management running the company. In his six page letter to the directors, Mr Jhawar said "The extent of mismanagement of the company ad apparent apathy of the board of directors is alarming, including shielding of illegal acts of the managing director."

Mr Jhawar said he has been raising red flags for a while but the warnings have fallen on deaf ears. Mr Jhawar said he cannot be an accomplice to illegal acts and in this hostile environment, finds it unable to continue as non executive director of the company.

He added that the present resignation is without prejudice to my rights and contentions to take legal recourse against illegal acts committed by Directors and Officers of the company , including the managing director, Rajeev Jhawar."

Mr Jhawar was removed from the post of chairman of UML by lenders led by State Bank of India in April 2017.

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Posted By : Rabi Wangkhem on Mon, 16 Sep 2019
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