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.
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.
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 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 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.
To stay in the race for the long term, the company has to innovate continuously - something that MNCs and some of the home-grown Indian firms have been doing successfully, says Sangeeta Tanwar.
The man who owns close to 94 per cent of the shares of Patanjali Ayurved, an unlisted company, does not, however, take a salary or receive dividends.
Patanjali doesn't employ any fancy managers with MBA degrees.
Adani Wilmar's bid was approved by the committee of creditors of the bankruptcy-bound Ruchi Soya with about 96% votes in favour
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
Despite sanctioning the loans, bankers are worried whether to disburse the loan because of absence of an investment grade rating.
The revised offer will mean the lenders will have to write off 60 per cent of their dues.
Patanjali Ayurved, founded in 2007 by yoga guru Ramdev, is targeting Rs 10,000-crore (Rs 100-billion) revenue in 2016-17
Ruchi Soya Industries on Tuesday announced the acquisition of biscuits business from Patanjali Natural Biscuits Pvt Ltd (PNBPL) in a slump sale at Rs 60.02 crore.
The company claimed that the AYUSH ministry has "categorically agreed" that Patanjali had "appropriately worked on COVID-19 management".
"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.
While the company did not reveal its profit or loss for the period, according to its fillings, food and beverages was the largest category - accounting for 62.23 per cent or Rs 5,184 crore of its total sales.
Patanjali Yogpeeth on Thursday confirmed that it has received a defamation notice served by the Indian Medical Association (IMA), demanding an apology from Yoga Guru Ramdev over remarks on modern medicine, and said it will give legally a 'befitting reply'.
The minister said that his ministry will clear its stance on Patanjali's ayurvedic drugs after reviewing the report sent by it.
The proposed facility would be entitled to various incentives under central and state policies.
A bench of Justices Hima Kohli and Ahsanuddin Amanullah asked their counsel to place the apology published in newspapers on record within two days.
While Ramdev claimed that Ayurved-based 'Coronil and Swasari' medicine have shown 100 per cent favourable results during clinical trials on COVID-19 infected patients except those on a life support system, the Ayush Ministry sought from the company detailed report on composition, testing and other data of the drugs.
The company has a network of 4,000 distributors, 10,000 stores and 100 mega marts.
Asokan said Ramdev went against the medical profession by saying "modern medicine is a stupid and bankrupt science".
In many respects, Ramdev is also among the busiest FMCG brand ambassadors.
The advertisement is unnecessarily misleading the consumer and also derogatory and denigrating to the oil industry, SEA said
The land acquisition, the consolidation process in Kot and a slew of other decisions by the Haryana government to open the hills to privatisation and commercial activity run contrary to court orders, environmentalists' demand, and at times the Union government's measures to protect the Aravalli hills, say Nitin Sethi & Kumar Sambhav Shrivastava.
Asokan, who was present in the court, offered an unconditional apology to the bench and prayed for clemency.
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.
The Supreme Court Tuesday granted one-week time to yoga guru Ramdev, his aide Balkrishna and Patanjali Ayurved to issue a public apology in the misleading advertisements case, but said it was not letting them 'off the hook' now.
The upgrade, said Icra, takes into account the "robust internal accrual generation, leading to low reliance on debt, as well as gearing levels, and strong debt protection metrics".
Framing the next chapter in Swiggy's journey as a responsible corporate citizen, co-founder and chief executive officer (CEO) Sriharsha Majety unveiled the company's eagerly awaited public listing. Majety, who has largely shunned the spotlight, shared reflections on his entrepreneurial path and the strategic pivots he and his co-founders navigated in building Swiggy. "We started with code aggregation, then pivoted to logistics, and that became Swiggy.
Patanjali will respond to the notices received from the two regulators shortly
Anti-profiteering authority puts Baba Ramdev-led company in the dock for allegedly not passing on benefits received from the reduced rate of taxation under the GST regime. Patanjali to respond to notice at January 28 hearing.
Ramdev's company remains a dominant player in the naturals space, but products of rivals are also gaining popularity.
However, the UP government said it has given one more month to Patanjali to meet the conditions required to get the final approval.
Patanjali's packet milk to be lower than competitor brands by Rs 2 a litre
Yoga guru Ramdev's company to invest Rs 5,000 crore in four units in the next 500 days to boost production.
Restricted by state government orders, the ownership of such land could not be formally registered, so the advances made continued to be reflected in the accounts as 'advances against land'.
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.
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