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 Manufacturing Mirror 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 Manufacturing Mirror.
More InformationThe United States on Tuesday imposed new sanctions against six people, including two cousins of Syrian President Bashar al-Assad, for ...
The Ukrainian president's bodyguards blocked the British TV host's friendly gestureUkrainian President Vladimir Zelensky's security detail feared an attempted poisoning ...
New Delhi [India], March 28 (ANI): Kashmiri businessman Zahoor Ahmad Shah Watali moves Delhi High Court against charges framed by ...
Raipur (Chhattisgarh) [India], March 28 (ANI): The Directorate of Enforcement (ED) on Tuesday reportedly carried out search operations at separate ...
Washington [US], March 28 (ANI): US President Joe Biden has ordered that the flags at the White House and all ...
Washington [US], March 28 (ANI): US President Joe Biden on Monday (local time) termed the school shooting at Nashville which ...
DUBLIN, Ireland: Beginning July 1, private car owners in Ireland who purchase electric vehicles will see the state subsidy drop ...
DETROIT, Michigan: In a briefing for investors and analysts this week, Ford Motor Co. reported that while its electric vehicle ...
MOSCOW, Russia: As western automakers have left Russia since the start of the Ukraine war, the Chinese have rushed in ...
NEW YORK CITY, New York: To comply with the requirements of the "Made in America" laws, a $7.5 billion federal ...
chicago - Ford Motor Company's plan to create batteries for the rapidly expanding electric vehicle (EV) market could encounter congressional ...
© Provided by Xinhua Emissions from vehicles represent around a fourth of total EU greenhouse gas emissions.ROME, March 28 (Xinhua) ...