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.
RG Kar incident: CBI questions close aide of arrested ex-principal Sandip Ghosh
Kolkata (PTI): CBI sleuths on Saturday started questioning another doctor, allegedly close to arrested former principal of RG Kar Medical College and Hospital Sandip Ghosh, in connection with their probe into the rape and murder of a woman doctor at the medical establishment, an officer of the agency said.
Birupaksha Biswas, who was recently transferred by the West Bengal Health Department from Burdwan Medical College and Hospital to remote Kakdwip hospital in South 24 Parganas district, appeared before officers of the Central Bureau of Investigation (CBI) at its CGO Complex office in Salt Lake area.
Biswas, allegedly part of a 'North Bengal lobby' operational in medical colleges, was seen at RG Kar Hospital on August 9, when the body of the woman medic was found, the CBI officer said.
The 'North Bengal lobby' is being referred by medics in West Bengal to a group of doctors and officials posted at state-run medical establishments who allegedly threatened students.
"He is being questioned about his presence at RG Kar Hospital on August 9 despite having no official engagement, apart from other queries," the officer told PTI.
Incidentally, an FIR has been lodged against Biswas and two other doctors -- Avik De and Ranjit Saha – with Bowbazar police station for allegedly threatening students at different medical colleges and hospitals across West Bengal.
They have been booked under Section 351 (assault as making a gesture or preparation causing someone to believe that they are about to be subjected to criminal force) of Bharatiya Nyay Sanhita.
