Boardroom feuds push Pula Steel to the brink

Pula Steel is heading for liquidation
Pula Steel is heading for liquidation

The future of troubled steel manufacturing company, Pula Steel seems to be getting gloomier by the day. Disputes amongst shareholders on one hand and a ‘dearth of trust’ in the judicial manager on the other are ruining efforts to revive the company.

BusinessWeek has learnt that the founding shareholders of Pula Steel, the Verma Family, have asked the High Court to relieve the company’s judicial manager, Vijay Kalyanaraman of Grant Thornton of his duties saying he has contributed to the current unfeasible state of the company and has failed to take the necessary steps to ensure its rehabilitation.

Simultaneously, the judicial manager has given notice to Pula Steel creditors and the Master of the High Court of his intention to place the company under provisional liquidation saying the turnaround plan has been foiled by the shareholders’ failure to inject fresh funds into the mothballed company. 

Editor's Comment
Gov't must guard against cadre deployment

As the Botswana National Front (BNF) discusses a policy to place suitably qualified members in strategic positions, the guiding consideration should remain whether an individual is the best person to serve the country. There is nothing wrong with qualified party members applying for public positions. Political affiliation should neither disqualify a capable candidate nor give them an advantage over others. Every Motswana deserves a fair...

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