Patanjali Foods, a subsidiary of the Baba Ramdev-led Patanjali Group, affirmed that its business operations and financial performance will remain unaffected by the recent Supreme Court remarks regarding advertisements for ayurvedic medicines sold by another firm within the promoter group. Clarifying in a regulatory disclosure, Patanjali Foods Ltd stated that the Supreme Court’s observations do not pertain to Patanjali Foods Ltd (PFL), an autonomous listed entity solely engaged in the production of edible oil and FMCG food products.
“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.
Continue Exploring: SC warns Patanjali over ‘false’ advertising claims
Out of 73.82 per cent promoter stake, Patanjali Ayurved has 32.37 per cent stake.
Earlier, the Supreme Court, expressing concern, stated that the nation had been “misled,” as it temporarily prohibited Patanjali Ayurved from advertising or branding products intended for medical treatment until further directives are issued.
Continue Exploring: SC slams Patanjali Ayurved for misleading ads, bans promotion of medical claims; contempt notice issued
The apex court issued notices to Patanjali Ayurved and its Managing Director Acharya Balkrishna, questioning why contempt proceedings should not be initiated against them for apparently breaching the firm’s commitment made in court regarding the advertising of its products and their medicinal effectiveness.