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 Tennis Times 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 Tennis Times.
More InformationWashington State guard TJ Bamba declared for the 2023 NBA Draft on Monday but won't hire an agent, keeping his ...
Virginia center Kadin Shedrick has entered the transfer portal, according to ESPN. He joins Cavaliers freshman Isaac Traudt in the ...
Coveted transfer John Tonje announced Monday that he has committed to Missouri. The 6-foot-5 guard played the past four seasons ...
Mumbai (Maharashtra) [India], March 27 (ANI): Following her team's inaugural Women's Premier League (WPL) title win, West Indies and Mumbai ...
Mumbai (Maharashtra) [India], March 27 (ANI): Delhi Capitals and Indian pacer Shikha Pandey said on Monday that her experience of ...
Denver Broncos coach Sean Payton acknowledged teams have called to inquire about Jerry Jeudy and Courtland Sutton this offseason, but ...
A female shooter killed three children and three adults at a Christian grade school Monday in the southern U.S. state ...
Washington [US], March 27 (ANI): According to a new study, a history of participation in campus recreational activities might reduce ...
Balochistan [Pakistan], March 27 (ANI): Protests have begun once again in Gwadar against the arrest of Haq Do Tehreek (HDT) ...
Islamabad [Pakistan], March 27 (ANI): The Jamaat-i-Islami (JI) Darband tehsil chapter has demanded that flour be made available to people ...
© Provided by Xinhua GUIYANG, March 27 (Xinhua) -- For more than 30 years, Huang Jinlong, a rural teacher in ...
Mike Trout is teaming with Tiger Woods to build Trout National - The Reserve, a championship golf course near where ...