ANI
16 Mar 2023, 17:18 GMT+10
New Delhi [India], March 16 (ANI): The promoters of Patanjali Foods on Thursday said they do not foresee any adverse or negative impact on the financial position of the company owing to the instant freeze of promoters' shareholding by the stock exchanges.
Earlier, the stock exchanges had put a freeze on the shares owned by the promoters for not meeting the minimum public shareholding (MPS) requirements as specified in the Securities Contracts (SCR) (Regulation) Rules, 1957, of Securities and Exchange Board of India (SEBI).
According to a statement of the company, shares were already under lock-in as per SEBI guidelines till April 2023 (one year from date of listing i.e. April 08, 2023), and instant actions of stock exchanges does not appear to have negative impact on the functioning of the Company.
As per SCR Rules where as a result of implementation of the resolution plan approved, public shareholding in a listed company falls below 10 per cent then the same shall be increased to at least 10 per cent within a maximum period of twelve months from the date of such fall.
In December 2017, the National Company Law Tribunal had initiated insolvency proceedings against Patanjali Foods, earlier known as Ruchi Soya Industries. And in July 2019, the tribunal approved the resolution plan submitted by Patanjali Ayurved for Ruchi Soya.
Owing to the allotment of the equity shares made pursuant to the implementation of resolution plan as duly approved by the National Company Law Tribunal (NCLT), the aggregate shareholding of the promoter and promoter group of the company increased to 98.87 per cent of the total issued, paid up and subscribed equity share capital of the Company.
The company was acquired by Patanjali Group pursuant to the approval of resolution plan submitted by a consortium led by Patanjali Ayurved by NCLT vide its order dated July 24, 2019, read with order dated September 4, 2019, and the same was implemented with effect from December 18, 2019. (ANI)
Get a daily dose of Entertainment Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Entertainment Sun.
More InformationHONG KONG: Hong Kong's first authorized protest took place since the end of COVID-19 restrictions and under new strict security ...
MOSCOW, Russia: A new campaign has begun across Russia to attract badly needed recruits to replenish its troop numbers for ...
WASHINGTON D.C.: US House of Representatives Speaker Kevin McCarthy has said that lawmakers will move forward on legislation aimed at ...
CROWNPOINT, New Mexico: Navajo Technical University, located on the largest Native American reservation in the US, has become the first ...
WEST READING, Pennsylvania: An explosion occurred at a chocolate factory in Pennsylvania, killing seven people and seeing ten staff members ...
OTTAWA, Canada: US President Joe Biden and Canadian Prime Minister Justin Trudeau have announced a plan to close a loophole ...
Mumbai (Maharashtra) [India], March 30 (ANI): Bombay High Court on Wednesday ordered to quash the FIR registered against actor Salman ...
New Delhi [India], March 30 (ANI): Fans are bent on knowing whether Parineeti Chopra will marry AAP leader Raghav Chadha ...
Mumbai (Maharashtra) [India], March 30 (ANI): On the auspicious occasion of Ram Navami, makers of 'Adipurush' launched a new poster. ...
New Delhi [India], March 30 (ANI): Amid wedding rumours, actor Parineeti Chopra and Aam Aadmi Party leader Raghav Chadha were ...
A journalist for Radio Free Asia is among three critics of China critics whose identities were used in an elaborate ...
Mumbai (Maharashtra) [India], March 29 (ANI): What's life without music? Be it a film or real-life event, a dash of ...