Boardroom feuds push Pula Steel to the brink

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.