The Bombay high court has directed Patanjali Ayurved to deposit Rs 50 lakh for alleged breach of the HC's interim order restraining it from selling its camphor products, in relation to a trademark infringement case filed by another company.
The advertisement is unnecessarily misleading the consumer and also derogatory and denigrating to the oil industry, SEA said
The revised offer will mean the lenders will have to write off 60 per cent of their dues.
Ramdev made nature-to-goodness products popular, and reaped benefits. Then he seemed to lose focus and the last thing it needs is more distraction, like the passionate founder shooting his mouth off yet again
The high court said yoga guru Ramdev's Patanjali needs to consider using any other word in its advertisements and while comparison between his product and that of others is allowed, disparaging other products is not permitted.
Patanjali Foods has been served a show cause notice by the GST intelligence department, asking the company to explain why input tax credit worth Rs 27.46 crore should not be recovered from it. The yoga guru Ramdev-led Patanjali Ayurved Group firm, which is mainly into the edible oil business, has received the notice from the Directorate General of GST Intelligence, Chandigarh Zonal Unit, according to a regulatory filing made by the company on April 26.
In an affidavit filed in the top court, the SLA has given details of the steps taken by it against Patanjali and Divya Pharmacy.
The Supreme Court on Tuesday came down heavily on yoga guru Ramdev's Patanjali Ayurved for prima facie violation of the undertaking given by it in the court about its products and also about statements claiming their medicinal efficacy. A bench of justices Hima Kohli and A Amanullah issued a notice to Patanjali Ayurved and its managing director asking why contempt proceedings should not be initiated against them.
Patanjali Foods Ltd on Thursday said food regulator FSSAI has directed the company to recall a specified batch of packed red chilli powder due to non-conformity with food safety norms. The Food Safety and Standards Authority of India (FSSAI) issued an order in this regard on January 13, the company said in a regulatory filing.
The bench also cautioned Patanjali Ayurved and its officers from making any statements adverse to any system of medicine in the media, both print and electronic, in any form as they said in their undertaking before the court earlier.
The Supreme Court on Tuesday tore into Patanjali Ayurved's defence for putting out misleading advertisements, rejecting the apology from yoga guru Ramdev and the firm's managing director Acharya Balkrishna as 'lip service' and warned them against perjury.
During the brief hearing, the bench asked Patanjali Ayurved not to publish misleading claims and advertisements against modern systems of medicine.
Baba Ramdev-led Patanjali Ayurved Ltd will sell its food retail business to group firm Ruchi Soya Industries Ltd for Rs 690 crore as part of its strategy to focus on non-food, traditional medicine and wellness business.
The Supreme Court on Tuesday closed the contempt proceedings against yoga guru Ramdev, his aide Balkrishna and Patanjali Ayurved Limited after accepting the apology tendered by them in the misleading advertisements case.
The company further said, "We humbly respect the Supreme Court of India and if we make false advertisements or propaganda, we would not have any objections if honourable court imposes a fine of crores or even give us a death sentence."
In two separate affidavits filed in the apex court, Ramdev and Balkrishna tendered unqualified apology for the 'breach of the statement' recorded in the November 21 last year order of the apex court.
Expanding the scope of its hearing in the Patanjali Ayurved case, the Supreme Court on Tuesday took a stern view of misleading advertisements by Fast-Moving Consumer Goods (FMCG) firms and asked three Union ministries to inform it about the steps they have taken to curb the practice which takes 'public for a ride' and adversely affects their health.
The Supreme Court on Tuesday reserved its order on the contempt notice issued to yoga guru Ramdev, his aide Balkrishna and Patanjali Ayurved Ltd in the misleading advertisements case.
The bench also issued notice to Ramdev to show cause why contempt proceedings be not initiated against him.
Stock exchanges NSE and BSE have freezed shares of promoters of Baba Ramdev-led Patanjali group firm Patanjali Foods, but the company said the decision will not have any impact on its functioning. Patanjali Foods Ltd, erstwhile Ruchi Soya Industries, on Thursday said the freezing of its promoters' shareholding in the company "will not have any impact" on its financial position and functioning of the company. On Thursday, Patanjali Foods Ltd (PFL) informed that leading bourses BSE and NSE had frozen shares of its 21 promoter entities, including Patanjali Ayurved for failing to meet minimum public shareholding norms.
Expressing displeasure over Asokan's comments a day before the top court was slated to hear the matter, a bench of Justices Hima Kohli and Ahsanuddin Amanullah sought his response on an application filed by Patanjali Ayurved Ltd.
Despite sanctioning the loans, bankers are worried whether to disburse the loan because of absence of an investment grade rating.
Baba Ramdev's Patanjali Ayurved is considering bidding for the title sponsorship of the upcoming Indian Premier League, according to a company official.
SBI and other public sector banks have decided to lend Rs 4,000 crore to Patanjali Ayurved for the acquisition of Ruchi Soya, which was facing bankruptcy proceedings under the Insolvency and Bankruptcy Code. The money lent by banks will help the PSBs to settle their exposure to Ruchi Soya with a haircut of 65 per cent. Banks led by SBI and others had earlier made claims of over Rs 12,146 crore against Ruchi Soya after the company failed to repay its loans.
The Supreme Court on Tuesday appreciated the 'marked improvement' in the unconditional public apology published in newspapers by yoga guru Ramdev, his aide Balkrishna and Patanjali Ayurved Ltd in the misleading advertisements case.
"The licence for the drug was obtained on the basis of the traditional knowledge and experience related to the medicinal virtues of Ashwagandha, Giloy and Tulsi," Patanjali spokesperson S K Tijarawala said.
The bench said it has no doubt in its mind that Patanjali had an intention to flout the court order.
The minister said that his ministry will clear its stance on Patanjali's ayurvedic drugs after reviewing the report sent by it.
Ramdev and Balkrishna have tendered an "unconditional and unqualified apology" before the apex court over advertisements issued by the firm making tall claims about the medicinal efficacy of its products.
A bench of Justices Hima Kohli and Ahsanuddin Amanullah asked their counsel to place the apology published in newspapers on record within two days.
In many respects, Ramdev is also among the busiest FMCG brand ambassadors.
"This is historic that our maiden issue of Rs 250 crore NCD is fully subscribed within 3 minutes of opening of the issue... This shows the excitement and faith of investors, said Patanjali Ayurved Managing Director Acharya Balkrishna.
The land transfer or subleasing would allow the Patanjali Group to set up the food processing facility and entitle it to other incentives under the central policy guidelines.
Patanjali Ayurved, founded in 2007 by yoga guru Ramdev, is targeting Rs 10,000-crore (Rs 100-billion) revenue in 2016-17
Ramdev's Patanjali Ayurved Ltd has been served notice by the government for violating food safety norms in manufacturing atta noodles
Patanjali Ayurved is also looking at entering the highly competitive dairy segment this year.
Patanjali, however, strongly denied FSSAI's claims and insisted that it has licence for Pasta, under which noodles falls, as per the regulator's classification.
The court also observed that the apology needs to be published in the newspapers by Asokan personally and not from the funds of the IMA.
Yoga guru Baba Ramdev's Patanjali Ayurved on Wednesday made its first big acquisition when it paid Rs 4,350 crore to take over soya food brand Nutrela-maker Ruchi Soya through an insolvency process. The acquisition will help Patanjali acquire edible oil plants as also soyabean oil brands such as Mahakosh and Ruchi Gold.
State Ayurved Department's licence officer Y S Rawat said the notice is being issued to the firm to explain from where it got the permission to launch a 'corona kit' as a cure from the virus.
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