Patanjali objects to Adani's eligibility to bid for Ruchi Soya
New Delhi, June 23: Adani's bid for Ruchi Soya, which is facing insolvency and bankruptcy proceedings, appears to have run into rough weather as Yoga guru Ramdev promoted Patanjali Ayurved has written to the Committee of Creditors (CoC) raising concerns about Adani Wilmar's eligibility to bid for it.
"We have written a letters on June 10th and 11th regarding Ruchi Soya to CoC and we have not received any reply so far," Patanjali spokesperson S. K. Tijawarala told IANS.
It is learnt that in the letter Patanjali Ayurved had raised issues under section 29 A of the Insolvency and Bankruptcy Code (IBC).
Meanwhile in a report by The Business Standard, the CoC, comprising the lenders, recently met and discussed the bids made by both companies and their respective resolution plans for the insolvent entity.
According to Section 29A, the bidders for an insolvent company need to meet specified eligibility criteria. It means a bidder cannot be allowed to offer a resolution plan under Corporate Insolvency Resolution Process (CIRP) if the promoter is connected to another stressed-loan corporate. Ruchi Soya was admitted to the CIRP in December 2017.
Ruchi Soya has brands like Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.
Financial creditors have filed claims worth around Rs 104 billion, while operational creditors have filed claims worth Rs 360 million, the newspaper reported.
"Pranav Adani, MD of Adani Wilmar and a relative of Adani group chairperson Gautam Adani, is married to Namrata, daughter of Vikram Kothari, the erstwhile promoter of Rotomac group who was arrested by the CBI in February, after Bank of Baroda complained of a fraud by his company," Business Standard reported.
"According to recent IBC ordinance, approved by the President on June 6, the definition of "connected person" has broadened to include "related party" and "relatives" like members of the family, husband, wife, father, mother and other familial relations, including in-laws," the report said.
The report said, since the resolution plans for both bidders were submitted prior to the recent amendment by ordinance to the IBC, it is unclear whether the broadened criteria under Section 29A will apply to the present case.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Jhansi fire: Nurse's heroic efforts helped save over dozen babies
Lucknow/Jhansi (UP), Nov 17: Nurse Megha James was on duty when the fire broke out at the Jhansi hospital and she threw herself headlong into the rescue efforts, playing a hero's role by saving several babies.
Even when her salwar got burned, she refused to give up and was able to evacuate 14-15 babies with others' help.
"I had gone to take a syringe to give an injection to a child. When I came back, I saw that the (oxygen) concentrator had caught fire. I called the ward boy, who came with the fire extinguisher and tried to put it out. But by then, the fire had spread," James said.
Ten babies perished in a fire that broke out at the Neonatal Intensive Care Unit of the Maharani Laxmi Bai Medical College in Jhansi Friday night.
Faced with an enormous blaze, James's mind worked with a frenetic speed, to the extent she cared little about burning herself.
"My chappal caught fire and I burned my foot. Then my salwar caught fire. I removed my salwar and discarded it. At that time, my mind was virtually not working," she told PTI Videos.
James just wore another salwar and went back to the rescue operation.
"There was a lot of smoke, and once the lights went out, we could not see anything. The entire staff brought out at least 14-15 children. There were 11 beds in the ward with 23-24 babies," she said.
Had the lights not gone out they could have saved more children, James said. "It all happened very suddenly. None of us had expected it."
Assistant Nursing Superintendent Nalini Sood praised James's valour and recounted bits from how the rescue operation was carried out.
"The hospital staff broke the glasses of the NICU ward to evacuate the babies. It was then Nurse Megha's salwar caught fire. Instead of caring for her safety, she stayed there to rescue the babies and handed them over to people outside," she said.
Sood said James is currently undergoing treatment at the same medical college. She said she did not know the extent of her burns.
"The rescued babies were shifted to a ward very close to the NICU ward… When I recall the scene, I feel like crying," she said.
Dr Anshul Jain, the head of the anaesthesiology department at the medical college, explained the standard rescue operation and claimed the hospital followed the protocol to the T.
"In the triage process during an ICU evacuation, the policy is to evacuate less-affected patients first. The rationale behind this approach is that patients requiring minimal support can be relocated quickly, enabling a larger number of evacuations to be completed in a shorter time.
"In contrast, patients on ventilators or requiring high oxygen support demand more time and resources for evacuation," he said.
"This principle was successfully implemented in Jhansi, playing a significant role in saving many lives," Jain said.
A newborn rescued from the fire died due to illness on Sunday, Jhansi District Magistrate Avinash Kumar said.
