Punjab National Bank has proposed the appointment of Mr. V. P. Jain as its Nominee Director in place of Dr. Rajesh Yaduvanshi. This appointment has been considered by the Resolution Professional in the meeting held on November 14, 2017 with members of the Nomination and Remuneration Committee and members of board of directors of Bhushan Steel Limited held at the Registered office of the company. Further Mr. Kapil Vaish, Independent Director of the company has tendered the resignation from the Board of Directors of the company vide his letter dated November 6, 2017.