Patanjali Ayurved completes acquisition of Ruchi Soya. MCA may challenge part of the NCLAT order where the conversion of Tata Sons from Public to Private by RoC is termed illegal.
Entry by Invitation Only: Baba Ramdev-led Patanjali Ayurved hascompleted the acquisition of debt-ridden edible oil firm Ruchi Soya in a INR4,350cr resolution plan.
Patanjali has settled INR4,350cr of dues Ruchi Soya towards its financial creditors by infusing INR1,100cr equity and arranging another INR3,250cr via debt.
The National Company Law Tribunal (NCLT) had in December 2017 ordered start of insolvency proceedings against Ruchi Soya on application of Standard Chartered Bank and DBS Bank. CNBC TV18
The National Company Law Appellate Tribunal (NCLAT) yesterday restored former Tata Group Chairman Cyrus Mistry as the Chairman of the Group. It also held the appointment of N Chandrasekaran, the current Chairman of Tata Sons, as Executive Chairman as "illegal".
Won't Sit Back: The Ministry of Corporate Affairs (MCA) plans to challenge the ‘illegal’ order of the National Company Law Appellate Tribunal (NCLAT) order, which allowed conversion of Tata Sons from a public entity to a private one, in the Supreme Court.
The NCLAT order clearly mentions that “the decision of the Registrar of Companies (RoC) changing the company (‘Tata Sons’) from a ‘public company’ to a ‘private company’ is declared illegal and is set aside. The company (‘Tata Sons’) shall be recorded as a ‘public company’. RoC will make correction in its record showing the company (‘Tata Sons’) as ‘public company’.” Moneycontrol
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