Promoters have no place on Malavika Steel board
Mumbai—Vinay and Anil Rai of the Usha Group, the promoters of Malavika Steel, will no longer be part of the new board, which the financial institutions plan to put in place.
This form part of the efforts the financial institutions are making to infuse professional management into the Malvika Steel.
While the institutions led by IDBI have decided on this, this will be formally ratified when the company board meets on July 27.
Vinay Rai is the chairman of the company, while Anil Rai is the co-chairman. Anil Rai looked after the steel division of the Usha group and Vinay took care of the IT section of the group.
Like other steel projects, the project experienced a cost overrun of Rs 660 crore to reach the present figure of Rs 1,364 crore. The project was initiated in ‘88.
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JCT board to be recast
New Delhi-- JCT, the MM Thapar group flagship, has decided to induct three new professionals on the board.
The new inductees are Raj Mohan Singh, head of the company's Phagwara unit, finance head; T N Subramaniam and; S P Narang, secretary, The Institute of Company Secretaries of India.
Their names have been cleared by the top management and would be taken on board in the next board meeting.
It is said that the vacancy was created after two directors completed their tenure and group patriarch L M Thapar decided to step down from the JCT board following a family split.
Though the company can have 12 members on the board, it would only have 11 with the three new inductees joining in. It also plans to have more independent directors in the company fold eventually.
The restructuring of the board was one of the conditions laid down by the financial institutions for restructuring the company's debt of around Rs 900 crore — the other being the Thapars bringing in Rs 80 crore as their personal equity into the company.
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Alternatives to arrested EDs likely today
Mumbai--Following the arrest of two key executive directors of UTI, Mr MM Kapur and SK Basu, on July 20, 2001, the new chairman Mr M Damodaran is holding a meeting with other executive directors to redistribute the work. Mr Kapur and Mr Basu had been holding important portfolios, but are likely to be under police custody for the next seven days, hence the need to readjust the work.
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