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01 April, 2020, 03:19 AM IST

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PATANJALI

Patanjali fined Rs 75.08 crore for not passing GST benefits to consumers

The authority has directed the company to deposit the amount, along with 18% GST, to consumer welfare funds of Centre and the states within three months, according to an order passed on March 12.

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Patanjali group will register a joint turnover of Rs 25,000 crore in the current fiscal en...

  • Patanjali will touch Rs 25,000 crore in revenue by the end of the current fiscal year.

    Patanjali Ayurved has deposited its equity portion in a State Bank of India (SBI) escrow account, in what is the final step before it completes payments for the acquisition of edible oil maker Ruchi Soya.

    French luxury giant LMVH had in the past said it is keen to pick up equity in Patanjali. The ayurveda products maker had forced global and local players to step up their portfolio in this space as it became a Rs 10,000-crore-plus company in just about a decade. However, Patanjali has been losing ground in recent times.

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    The Ministry of Consumer Affairs, Food and Public Distribution on Saturday issued a notification to cap the retail price of 3-ply masks at Rs 10 per piece, 2-ply masks at Rs 8 a piece and hand sanitisers at not more than Rs 100 per 200 ml, with lower or higher volume packs priced proportionately. The order is effective till June 30.

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    A three-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya extended the deadline to December 23. Earlier, on November 20, the appellate tribunal had extended the deadline till December 16 for implementation of the resolution plan for Ruchi Soya. The original deadline for implementation of the resolution plan was November 21.

    NCLT had admitted the insolvency plea filed by two lead financial creditors Standard Chartered Bank and DBS Bank. However, later the Singapore-based DBS Bank became dissenting creditor and approached NCLAT challenging the distribution of proceeds from the bid submitted by Baba Ramdev-led Patanjali Ayurveda.

    The company had reported a revenue of Rs 937 crore and Rs 1,576 crore in June quarter and September quarter of 2018-19, respectively. "The most remarkable and noticeable thing is that Patanjali Ayurved has made a comeback. It has achieved the highest ever H1 figure in its history," Patanjali spokesperson S K Tijarawala told.

    As much as Rs 3,700 crore of the acquisition cost was supposed to have been funded by bank loans with Patanjali infusing Rs 600 crore from its own internal accruals. Bankers are also wary of funding the home-grown consumer goods company after rating downgrades by rating agencies Care and ICRA in October.

    Refuting reports that Patanjali Ayurved was finding it tough to raise fresh loans of Rs 4,000 crore following a downgrade by a ratings agency, Patanjali Ayurved chief executive Acharya Balkrishna said the downgrade by CARE was based on factors which had no relation to corporate guarantee not being offered by Patanjali.

    ​Care Ratings Ltd. downgraded Patanjali’s long-term bank facilities to A- from A+.

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