Usha Martin management proposes escrow on steel biz sale proceeds

摘要

The Usha Martin management has proposed to the lenders to keep the sale proceeds from the Tata Steel transaction in an escrow account, amid allegations of opacity around end use of funds brought about by promoters Basant and Prashant Jhawar. Confirming, Rohit Nanda, chief financial officer, said, "We have proposed this at the lenders' meeting on Friday. Lenders would now have to seek approvals internally."