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SC observations on ads by promoter group won’t affect business operations: Patanjali Foods

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Out of 73.82 per cent promoter stake, Patanjali Ayurved has 32.37 per cent stake

New Delhi: Patanjali Foods, which is part of Baba Ramdev-led Patanjali Group, on Tuesday said the company’s business operations and financial performance will not be impacted because of the Supreme Court’s observation on ads related to ayurvedic medicines sold by a promoter group firm.

In a regulatory filing, Patanjali Foods Ltd said the “observations of Supreme Court of India do not relate to Patanjali Foods Ltd (PFL) which is an independent listed entity and operates in the space of edible oil and food FMCG products only.”

“The observations do not have any beating on the regular business operations or the financial performance of Patanjali Foods,” the company said.

Patanjali Group has nearly 74 per cent stake in Patanjali Foods.

Out of 73.82 per cent promoter stake, Patanjali Ayurved has 32.37 per cent stake.

Earlier in the day, the Supreme Court said the entire country has been “taken for a ride”, as it restrained till further orders Patanjali Ayurved from advertising or branding products meant for treating diseases.

Issuing notices to Patanjali Ayurved and Managing Director Acharya Balkrishna, the apex court also asked why contempt proceedings should not be initiated against them for prima facie violating the firm’s undertaking given in the court about advertising of its products and their medicinal efficacy.

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