Usha Martin board reappointed Rajeev Jhawar as the managing director

Usha Martin is a leading manufacturing company known for making a wide range of wire rope products, which have applications across the world. Rajeev Jhawar is the Managing Director at Usha Martin Limited. He is the son of Brij Kishore Jhawar. Rajeev Jhawar is also the Director of Neutral Publishing House Ltd. 

Managing Director at Usha Martin-Rajeev Jhawar

Usha Martin is a leading manufacturing company known for making a wide range of wire rope products, which have applications across the world. The ropes manufactured by Usha Martin serve in some of the most critical applications across diversified industrial segments, which include oil & offshore, cranes, mining, elevators, aerials, fishing, conveyor belts and general engineering.

Rajeev Jhawar is the Managing Director at Usha Martin Limited. He is the son of Brij Kishore Jhawar. Rajeev Jhawar is also the Director of Neutral Publishing House Ltd. Rajeev Jhawar has been the guiding light of Usha Martin since its early days. Basant Kumar Jhawar, his brother Brij Kishore Jhawar and his son Prasant Jhawar along with the company's MD and his Nephew Rajeev Jhawar, took the company to great heights. While the family jointly held 51% of the stake, the rest of the retailers held only 49% of the stake.

In April 2017, the board had passed a resolution, moved by the SBI nominee, to strip Prashant Jhawar of his post as the non-executive chairman and also trim the power of Basant Jhawar, 83, as chairman emeritus. Prashant and his father BK Jhawar were also under the attack of the banks. The allegation against them was that, despite several reminders from banks, they did not complete the documentation process relating to the pledge of their stakes to the concerned banks. This had annoyed the lenders and they decided to move a resolution against them.

Rajeev Jhawar met all the compliances required by the banks and stayed with the company to help it recover from debt. But many in the industry felt that Rajeev Jhawar had influenced the board to remove his uncle and cousin, as the relationship between them had soured over the control of the company. But this was not the truth. Understanding his innocence, in February 2018, the Usha Martin board reappointed Rajeev as the managing director, despite opposition from Prashant and Basant Jhawar. All the other board members, including the six independent directors and the nominee director of the State Bank of India, had voted in Rajeev’s favour. The strong determination of Rajeev Jhawar and his commitment towards Usha Martin Limited was the reason for the turnover of company to its success. As a global giant in the wire rope industry, the company’s future remains promising in the hands of Rajeev Jhawar and it is poised for a substantial rerating from here.