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Tuesday, April 2: Exaggerated claims of unbelievable results with the use of consumer products are not new in the Indian advertisement industry. But, the law of the land does explicitly prohibit and punish misleading advertisements from time to time. One such case is grabbing headlines of late. <keyword id="20083249" type="General" weightage="20" keywordseo="baba-ramdev" source="keywords">Baba Ramdev</keyword> and <keyword id="20752072" type="General" weightage="20" keywordseo="acharya-balkrishna" source="keywords">Acharya Balkrishna</keyword>, co-founder and managing director of <keyword id="19980518" type="General" weightage="100" keywordseo="patanjali" source="keywords">Patanjali</keyword>, respectively, appeared before the <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> today for a hearing regarding a case involving misleading advertisements. So, what exactly happened? <cmsannotation type="cmsannotation" annotationid="A case of false and misleading advertisements" comment="subhead" text="A case of false and misleading advertisements">A case of false and misleading advertisements</cmsannotation> The case began in November last year when the Supreme Court, responding to a petition by the Indian Medical Association (IMA), cautioned <keyword id="6406649" type="General" weightage="20" keywordseo="patanjali-ayurved" source="Orion">Patanjali Ayurved</keyword> against airing "false" and "misleading" claims in its advertisements about medicinal products. The IMA cited several ads that allegedly portrayed allopathic medicine and doctors negatively, claiming that companies producing ayurvedic medicines made disparaging remarks to deceive the public. Despite the Supreme Court's cautionary stance and prohibition on advertising products claiming to treat specific ailments under the Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954, Ramdev and Balkrishna reportedly conducted a press conference, once again making misleading claims about Patanjali's ability to cure various conditions permanently. Subsequently, on February 27, the Supreme Court expressed dissatisfaction with Patanjali's continuous dissemination of false advertisements regarding medicinal cures and issued notices to the company, questioning why contempt proceedings should not be initiated. It also chastised the government for not taking action and “sitting with their eyes shut”. On March 21, the Court summoned Baba Ramdev and Balkrishna to personally appear before it on April 2 to address their failure to respond to the contempt notice regarding misleading advertisements about medicinal cures. <cmsannotation type="cmsannotation" annotationid="What’s the latest update?" comment="subhead" text="What’s the latest update?">What’s the latest update?</cmsannotation> In today's hearing, the Supreme Court criticised Ramdev and Balkrishna for their "absolute defiance" in failing to submit proper affidavits of compliance and for disregarding legal directives. The Court also rebuked Patanjali's MD for describing the Drugs and Cosmetics (Magic Remedies) Act as "archaic". Noting that Patanjali's advertisements are in the "teeth of law" of the land, the Court warned Ramdev to prepare for potential consequences. Justices Hima Kohli and Ahsanuddin Amanullah, presiding over the bench, declined to acknowledge the apology extended by Patanjali last month. Subsequently, Ramdev's attorney, reportedly with folded hands, reiterated that both Ramdev and Balakrishna were extending a personal and unconditional apology before the court. Finally, the Court has granted Ramdev and Balkrishna a final opportunity to file affidavits in one week and mandated their presence at the next hearing on April 10.

Government ‘sitting with its eyes shut’, says Supreme Court as Patanjali’s misleading advertisement case drags on

The <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords">Supreme Court</keyword>, on Tuesday, granted one-week time to yoga guru <keyword id="20055079" type="General" weightage="100" keywordseo="Ramdev" source="keywords">Ramdev</keyword>, his aide <keyword id="21172332" type="General" weightage="20" keywordseo="Balkrishna" source="keywords">Balkrishna</keyword> and <keyword id="20083247" type="General" weightage="20" keywordseo="Patanjali-Ayurved" source="keywords" meta.keywordsubtype="org" meta.entityname="Patanjali Ayurved" meta.hostid="261" meta.entityid="Patanjali Ayurved">Patanjali Ayurved</keyword> to issue a <keyword id="114576" type="General" weightage="20" keywordseo="public-apology" source="Orion">public apology</keyword> in the misleading advertisements case, but said it was not letting them "<keyword id="2308348" type="General" weightage="20" keywordseo="off-the-hook" source="Orion">off the hook</keyword>" now. Both Ramdev and Balkrishna were present during the hearing and personally tendered an unqualified apology to the apex court. A bench of Justices Hima Kohli and Ahsanuddin Amanullah took note of their apologies, but made it clear that at this stage it has not decided to "let them off the hook". "You are doing good work but you can't degrade allopathy," the bench told Balkrishna while interacting with him. Ramdev, who also interacted with the bench, said he had no intention to show disrespect to the court in any manner. However, the bench told Balkrishna that they (<keyword id="6356684" type="General" weightage="20" keywordseo="patanjali" source="Orion">Patanjali</keyword>) are not so innocent that they didn't know what the top court had said in its earlier orders in the case. "I am willing to give a public apology," senior advocate Mukul Rohatgi, appearing for Ramdev and Balkrishna, told the bench at the outset. The apex court asked Ramdev and Balkrishna, both of whom were present in the court, to come forward for an interaction with the bench. "They should feel they have a connect with the court," the bench said. The apex court has now posted the matter for further hearing on April 23. Ramdev and Balkrishna had last week tendered an "unconditional and unqualified apology" before the top court over advertisements issued by the firm making tall claims about the medicinal efficacy of its products. In two separate affidavits filed in the court, Ramdev and Balkrishna have tendered an unqualified apology for the "breach of the statement" recorded in the November 21 last year order of the apex court. In the November 21, 2023 order, the top court had noted that counsel representing Patanjali Ayurved had assured it that "henceforth there shall not be any violation of any law(s), especially relating to advertising or branding of products manufactured and marketed by it and, further, that no casual statements claiming medicinal efficacy or against any system of medicine will be released to the media in any form". The top court had said Patanjali Ayurved Ltd is "bound down to such assurance". The non-observance of the specific assurance and the subsequent media statements irked the apex court, which later issued a notice to them to explain why contempt proceedings be not initiated against them.

Patanjali ads case: Supreme Court asks Ramdev, Balkrishna to issue public apology; says not letting them off hook yet

<ul><li><keyword id="6356684" type="UNKNOWN" weightage="20" keywordseo="patanjali">Patanjali</keyword> chairman Archarya Balkrishna’s estimated net worth was cut down by a third in 2020.</li><li>He now ranks 919th on the <keyword id="424923" type="PERSON" weightage="20" keywordseo="Hurun-rich-list">Hurun Rich List</keyword> after having slipped 489 places.</li><li>The dip in his wealth comes at a time when he is desperately trying to launch <keyword id="9448306" type="UNKNOWN" weightage="20" keywordseo="Coronil">Coronil</keyword>, a medicine he claims is a cure for COVID-19 — a claim, which many dispute. </li></ul>Archarya Balkrishna, the chairman and CEO of Patanjali as well as the right-hand man to yoga guru <keyword id="6355107" type="UNKNOWN" weightage="20" keywordseo="Baba-Ramdev">Baba Ramdev</keyword>, took a massive hit to his wealth during the pandemic. <div type="image" title="5746a6c1b0aa6d17dd0b8657c3e31a3c_edited" msid="81294979" hostid="261" caption="&amp;lt;p&amp;gt;Acharya Balkrishna doing yoga with Baba Ramdev on Yoga Day in 2018 with two lakh people to create a world record for the largest amount of people performing yoga in one place&amp;lt;/p&amp;gt;"></div> According to Hurun’s Rich List 2021, Balkrishna’s estimated net worth dipped by 32% — more than any other Indian billionaire on the list this year in percentage terms. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Balkrishna’s estimated net worth in 2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Balkrishna’s estimated net worth in 2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$5.3 billion </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3.6 billion </td></tr></tbody></table> <div type="Article" hostid="261" msid="81288884" title="Meet Jay Chaudhry, the man who studied under a tree in Himachal to become one of the world’s top billionaires today" mstype="2" mssubtype="0"></div> Balkrishna has often stated that the underlying vision for Patanjali is to replace all foreign imports with ‘swadeshi’ (locally made) products. It is one of the reasons why the massive FMCG company has its fingers dipped in nearly every business from food to clothing to power to private security. It even has projects going in the <a href="https://theprint.in/tech/how-ramdevs-patanjali-ayurved-made-a-secret-tech-entry-with-its-own-it-start-up/369203/">cloud services and IT solutions space.</a> <div type="image" title="balkrishna2_edited" msid="81295070" hostid="261" caption="&amp;lt;p&amp;gt;Acharya Balkrishna announcing the availability of Patanjali products across major online portals on 16 January 2018&amp;lt;/p&amp;gt;"></div> But luck was not on Patanjali’s side when the company decided to launch Coronil, its self-proclaimed cure for COVID-19. The claim has been disputed by many in the medical community including the World Health Organisation (WHO) and the Indian Medical Association (IMA). The state of Maharashtra has banned the sale of Coronil until it receives certification from the Ayush Ministry, which looks after all things ayurved, naturopathy, homeopathy, unani, siddha and yoga. For Balkrishna, this is not the first time that he has been caught on the wrong side of things. Balkrishna’s multi-billion dollar empire is not without its controversies Back in 2011, the Central Bureau of Investigation (CBI) filed a case of forgery and cheating against Balkrishna. <a href="https://www.businessinsider.in/small-business/people/fake-degrees-and-passports-here-is-the-real-story-of-acharya-balakrishna-ramdevs-close-aide-and-patanjali-ceo/slidelist/54365692.cms">According to the CBI</a>, the degree that Balkrishna got from the Sampurnanand Sanskrit Vishwavidyalaya in Varanasi was fake. And, it was on the basis of this fake degree that Balkrishna had procured his passport. The administration of the university also <a href="https://www.business-standard.com/article/beyond-business/the-rise-and-fall-of-balkrishna-111073000065_1.html">claimed</a> that they had no record of ever giving Balkrishna a degree. However, the case was closed two years later due to lack of evidence. In 2012, the Enforcement Directorate (ED) also filed a case against Balkrishna over money laundering charges. These were dropped after the National Democratic Alliance (NDA) came into power in 2014. <div type="image" title="6738550d3499f71f5dbe014dfcd955bd_edited" msid="81295019" hostid="261" caption="&amp;lt;p&amp;gt;Acharya Balkrishna (L), Rashtriya Swayamsevak Sangh (RSS) chief Mohan Bhagwat (C), and Baba Ramdev (R) in conversation during an RSS program in Haridwar in 2014&amp;lt;/p&amp;gt;"></div> Balkrishna holds 94% stake in Patanjali but he does not take home a salary, according to the <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/how-acharya-balkrishna-built-a-multi-crore-company/built-for-success/slideshow/60853399.cms">Economic Times</a>. He claims to work 15 hours a day, regardless of whether it is a Sunday or any other holiday. According to financial data accessed by business intelligence firm <a href="https://www.business-standard.com/article/companies/patanjali-ayurved-s-revenue-and-profit-rise-but-still-far-from-glory-days-120111301248_1.html">Tofler</a>, Patanjali reported a net profit of ₹423 crore for FY20. But, even with that positive growth, Patanjali is far from its glory days of yore where its revenue used to double year-on-year. The company has been facing issues since the goods and services tax (GST) was introduced in 2017, disrupting its operations. Patanjali also <a href="https://www.livemint.com/companies/news/patanjali-ayurved-completes-acquisition-of-bankrupt-ruchi-soya-for-rs-4-350-crore-11576684912487.html">acquired Ruchi Soya in 2019</a>, which placed further burden on its financials. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/ritesh-agarwal-kishore-biyani-and-acharya-balkrishna-net-worth-went-down-in-year-2020-as-per-hurun-list/slidelist/81293374.cms">OYO’s Ritesh Agarwal and Future Group’s Kishore Biyani did not make the cut this year to be among India’s richest billionaires</a> <a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-naveen-jindal-anand-mahindra-and-kumar-mangalam-birla-increased-their-net-worth-in-2020/slidelist/81290572.cms">Gautam Adani, Naveen Jindal, Anand Mahindra and Kumar Mangalam Birla increased their net worth despite COVID-19 wreaking havoc</a> <a href="https://www.businessinsider.in/tech/news/top-10-tech-billionaires-in-india-as-per-hurun-rich-list-2021/slidelist/81287575.cms">Top 10 tech billionaires in India — Shiv Nadar saw his net worth increase by $10 billion</a>

Patanjali’s Acharya Balkrishna is the biggest loser on Hurun’s Rich List of Indian billionaires

New Delhi, Dec 18 () Yoga guru <keyword id="6355107" type="UNKNOWN" weightage="20" keywordseo="Baba-Ramdev">Baba Ramdev</keyword>'s <keyword id="6406649" type="UNKNOWN" weightage="20" keywordseo="Patanjali-Ayurved">Patanjali Ayurved</keyword> on Wednesday made its first big acquisition when it paid Rs 4,350 crore to take over soya food brand Nutrela-maker Ruchi Soya through an insolvency process. The acquisition will help Patanjali acquire edible oil plants as also soyabean oil brands such as Mahakosh and Ruchi Gold. Sources said Patanjali settled Rs 4,350 crore of dues Ruchi Soya had towards financial creditors by infusing Rs 1,100 crore equity and arranging another Rs 3,250 crore via debt.
 The acquisition of Ruchi Soya by Patanjali Ayurveda has been completed, sources said, adding that the amount has been transferred to an escrow account and disbursals to financial creditors are in process.
 When contacted, Patanjali Ayurveda spokesperson S K Tijarewala said: "We have completed all the formalities and the entire amount of debt and equity has been deposited. Now, officially Ruchi Soya has become Patanjali group firm."
 In December 2017, the National Company Law Tribunal (NCLT) ordered start of insolvency proceedings against Ruchi Soya on application of Standard Chartered Bank and DBS Bank. Shailendra Ajmera, part of consultancy firm EY, was appointed as resolution professional (RP).
 Ruchi Soya is the second big insolvency case to be completed this week. World's largest steel maker ArcelorMittal together with Japan's Nippon Steel on Monday completed the acquisition of Essar Steel for Rs 42,000 crore.
 Both the companies were taken to insolvency court over unpaid dues of lenders. Their bankruptcy proceedings had been pending for two years. Their resolution will help lenders such as State Bank of India clear a good part of bad loans, sources said.
 Japyee Infratech, which built the country's first road expressway that is wide enough to land fighter jets during emergency, is also headed towards resolution with lenders on Tuesday accepting the offer of state-owned NBCC Ltd. The deal is slated to close in coming months.
 In April 2019, Patanjali Ayurved had received approval of financial creditors to acquire Ruchi Soya. The NCLT gave its nod to the resolution plan in early September.
 But later, the Singapore-based DBS Bank became a dissenting creditor and approached the NCLAT challenging the distribution of proceeds from the bid submitted by Patanjali Ayurveda.
 Earlier, Ruchi Soya had informed in a regulatory filing that resolution applicant Patanjali group will infuse Rs 204.75 crore as equity and Rs 3,233.36 crore as debt.
 The amount will be infused in a special purpose vehicle 'Patanjali Consortium Adhigrahan Pvt Ltd', which will be later amalgamated with Ruchi Soya.
 Another Rs 900 crore would be infused by the Patanjali group through subscription of non-convertible debentures and preference shares in the SPV. It will also provide credit guarantee of nearly Rs 12 crore.
 Out of the Rs 4,350 crore offered by Patanjali group, Rs 4,235 crore would be utilised to pay creditors while Rs 115 crore would be used for capital expenditure and working capital requirements of Ruchi Soya.
 As per the filing, Rs 4,053.19 crore would be paid to secured financial creditors, Rs 40 crore to unsecured financial creditors, Rs 90 crore to operational creditors, Rs 25 crore to clear statutory dues, Rs 14.92 crore to workmen/employees and Rs 11.89 crore to provide counter bank guarantee.
 Patanjali won the bid to acquire Ruchi Soya after Adani Wilmar, which sells edible oil under the Fortune brand, withdrew from the race citing significant delays in resolution process that led to deterioration of assets.
 Patanjali Ayurved had approached NCLT challenging the decision of Ruchi Soya's lenders to approve Adani Wilmar's takeover bid. Patanjali group had come second in the bidding process. MJH ANZ ABM

Patanjali Ayurved completes acquisition of bankrupt Ruchi Soya for ₹4,350 crore

Acharya Balakrishna is now counted amongst the richest men of India. Balakrishna, who is a close aide of <keyword id="6355107" type="PERSON" weightage="20" keywordseo="Baba-Ramdev">Baba Ramdev</keyword> and the CEO of <keyword id="6356684" type="UNKNOWN" weightage="20" keywordseo="patanjali">Patanjali</keyword>, has entered the list of Adi Godrej, Ravi Ruia, Ajay Piramal, etc. 
 
Patanjali, which has become a household name now and has shaken up India’s top notch FMCG companies, has become the fastest growing company as its net sales for 2015-16 stood at Rs 5,000 crore. 
 
With Patanjali’s growth, CEO Balakrishna became the 25th richest man in India, as per a report by Hurun India Rich List 2016. 
 
But, Balakrishna, who owns 94% stake in Patanjali claims that he does not take any salary. 
 
With his rise and rise with Ramdev and Patanjali, he became the centre to a string of controversies, especially about his degrees and passport. 
 
He went into hiding after his Indian citizenship and degrees were questioned and even cases of money laundering were registered against him. 
 
Here the real Acharya Balakrishna for you: 
 
 
(Image: Indiatimes)

Fake degrees and passports: Here is the real story of Acharya Balakrishna, Ramdev's close aide and Patanjali CEO

A district court slapped <keyword id="6356684" type="UNKNOWN" weightage="100" keywordseo="patanjali">Patanjali</keyword> with a fine of Rs 11 lakh for misleading advertisements, misbranding and misrepresentation of its products. 
 Haridwar's additional district magistrate <keyword id="2489561" type="PERSON" weightage="20" keywordseo="Lalit-Narain-Mishra">Lalit Narain Mishra</keyword> stated Patanjali is guilty of releasing misleading advertisements by selling certain products with its labels although they were being manufactured by some other firm. 
 
Patanjali was fined under Section 52 (misbranding) and Section 53 (misleading advertisement) of the Food Safety and Standards Act, 2006 as well as Section 23.1 (5) of Food Safety and Standard (Packaging and Labelling Regulations, 2011) Act. 
 
Patanjali has to pay the fine within a month and the court also told the district food safety department to take appropriate action if there is no improvement in the products in future. 
 
A case was filed against Patanjali in November 2012 after samples of products, including honey, salt, mustard oil, jam and besan (gram flour) picked up for sampling on August 16, 2012, allegedly failed quality tests. 
 
The tests were conducted at Uttarakhand's only FSSAI-certified drugs and food testing lab located at Rudrapur. The case had been ongoing ever since. The order regarding the fine imposed on the company was given by the court on December 1, but became public a day ago.

Patanjali to pay fine of Rs 11 lakh within a month for misbranding, misleading ads

It’s all set to be a ₹5,000 Crores company by next March, and is headed by a Yogi. It has effectively demolished all set notions of business, finance and marketing. In an age where companies spend as much as 70% of their earnings on marketing, this ‘desi’ <a href="http://www.businessinsider.in/searchresult.cms?query=FMCG">FMCG</a> brand expends a few pennies at the most. Yet, <a href="http://www.businessinsider.in/searchresult.cms?query=Kishore+Biyani">Kishore Biyani</a>, CEO, <a href="http://www.businessinsider.in/searchresult.cms?query=Future+Group">Future Group</a> expects sales revenue of about ₹1,000 Crores in the next 3 years from his partnership with this brand. We’re talking of the ‘swadeshi’ <keyword id="34523" type="CITY" weightage="100" keywordseo="fmcg">FMCG</keyword> giant – <a href="http://www.businessinsider.in/searchresult.cms?query=Patanjali+Ayurved">Patanjali Ayurved</a>. 
 
BI India chatted up with <a href="http://www.businessinsider.in/searchresult.cms?query=Acharya+Balkrishna">Acharya Balkrishna</a>, Managing Director of <a href="http://www.businessinsider.in/searchresult.cms?query=Patanjali+Ayurved">Patanjali Ayurved</a> to get a rare glimpse into this unconventional business machine that’s raking in the moolah like never before. 
 
1. How did Patanjali begin? 
We’ve always focused on the needs and demands of the people of the country. That led to the inception of the brand. Our focus has always been on <a href="http://www.businessinsider.in/searchresult.cms?query=Yoga">Yoga</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Ayurveda">Ayurveda</a>. We never planned it to be so big. We wanted to serve the people, and by the grace of the Almighty it has been successful. Without divine intervention this would never have been possible. 
 
2. How difficult was it to create a brand? 
The biggest difficulty was that people who run MNCs never revolt against the government. However, Swamiji spoke up against black money and other pressing issues. You must realize it’s the government that issues certificates and licenses. To stand up to the government and yet establish a brand, it’s a daunting task. We have had over 300 cases registered against us. Yet, we were successful in our protest. Our processes are transparent and in line with the government operations and the love of the people is with us. That’s exactly why the brand has been left unharmed. 
 
3. How do you conduct your market research? 
We’ve never done any market research or market survey. We’ve focused all our efforts on <a href="http://www.businessinsider.in/searchresult.cms?query=R%26D">R&amp;D</a>, product development and quality control. 
 
The initial idea was that MNCs offer the best quality. They had a monopoly over the Indian <a href="http://www.businessinsider.in/searchresult.cms?query=FMCG">FMCG</a> market. Indian brands were expected to lose out on quality. We focused on low price and high quality to demolish this myth. It has worked for us. 
 
4. How do you assess the need for a product? 
We never think of commercial benefits. Our efforts are guided by consumer demand. We surround ourselves with people and understand their sentiments, needs and desires. 
 
Our first products were Aloe Vera Oil and Amla Juice. There was no market for products like these. Nobody ever thought this would sell. It started like this. Amla farmers were in dire losses. We felt we should buy some from them. We knew Amla was very good for your health. Swamiji declared the benefits of drinking Amla juice, and it started to sell. Any corporate trained in market research and planning would call this move a foolish move. 
 
For Aloe Vera Oil we were selling it at as little as Rs. 200. Most MNC priced theirs at around Rs. 1300. Our focus was never on the size of the market, but on the demands of the people. 
 
5. Why don’t you market your products? 
For any <a href="http://www.businessinsider.in/searchresult.cms?query=FMCG">FMCG</a> product you'll have raw material, processing cost and packaging. Nobody gives out of their own pocket. Either one has to increase the price or offer inferior quality. If we invest in marketing we can’t offer low prices. MNCs might try to sell products via marketing, we’ll do the same with quality. 
 
6. Are you worried about the future of your retail outlets after the partnership with <keyword id="44949" type="CITY" weightage="100" keywordseo="Future-group">Future Group</keyword>? 
Our sales would spike from this partnership. Once people see products in malls, try them, and find it’s effective, they’ll become loyal customers of the brand. This would draw them to our brand stores. This would strengthen <a href="http://www.businessinsider.in/searchresult.cms?query=Patanjali">Patanjali</a> as a brand. 
 
7. What are your current expansion plans? 
Our Atta noodles would arrive very soon. We would sell it at half the price of most leading MNCs. We’ll also launch Power Boost – a malt-based children’s health supplement soon. We’re currently focusing on ramping up our R&amp;D operations on this. 
 
8. How did you come across the idea to have your won noodles brand? 
We never planned to enter the ready-to-eat category. Our social media expert spoke up about the <a href="http://www.businessinsider.in/searchresult.cms?query=Maggi">Maggi</a> controversy. The posts went viral. People asked us to offer a healthy alternative to <a href="http://www.businessinsider.in/searchresult.cms?query=Maggi">Maggi</a>. Our R&amp;D team worked on it and started developing. Now we’re a few days from the launch. 
 
9. How do you plan to finance your expansion plans? 
We would get bank loans. We can also loan from partner institutions. There are no plans to look at <a href="http://www.businessinsider.in/searchresult.cms?query=FDI">FDI</a> currently. 
 
10. Do you think your financial model is self-sustainable? 
We’ve come so far based on this model. We started by taking personal loans as well. Patanajali can’t dream to be a global brand overnight. We don’t build castles in the air. This model seems simple and effective to us. 
 
11. Have you broken even? 
In the zeal to expand, when we started there were several problems. We optimized our systems accordingly. We decided to expand as much as we can afford to. It’s as simple as that. 
 
12. Are you looking at other brand partnerships? 
None as of now. We’re always open to more fruitful partnerships that would help better our services. 
 
13. What do you look for in a job candidate before you hire them? 
Our system is corporate, but our culture isn’t. We hire people that share our line of thought. Incidentally they’re also experts in their fields. We don’t hire those who have non-vegetarian fare, consumer tobacco or alcohol. They must be patriotic and spiritual. We routinely receive resumes for consideration. We scan them and choose the best in case of vacancies. 
 
We look at a relationship that can survive the test of time. They work here to serve society, not just to earn money. I personally never charge a rupee as a salary. 
 
14. It’s been in the news that you’re looking to hire executives from top FMCGs. 
If there are people in the system that are willing to come to our side, it’s a different thing. However, we never target specific brands. We haven’t come this far by copying the financial system or policies of any company, and we won’t. We don’t consider these companies as competition. 
 
15. Do you think Swamiji’s share of controversies had a positive or negative impact on the brand? 
The central and state governments were against us when Swamiji stood up against the government’s policies. This means people had faith in us and our brand. Otherwise this would have closed down by now. 
 
 (The following conversation was in Hindi. It has been translated to English with as little loss as possible)

Exclusive: the accidental
business - Patanjali Ayurved

New Delhi, Dec 17 () The National Company Law Appellate Tribunal (NCLAT) on Tuesday granted another extension, of one week, to Baba Ramdev-led Patanjali Ayurved for completion of Rs 4,350-crore resolution plan to acquire debt-ridden edible oil firm Ruchi Soya.
 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.
 The NCLAT's order came over an application moved by the Haridwar-based firm seeking extension of timeline.
 However, the appellate tribunal also granted liberty to the lenders of debt-ridden Ruchi Soya to approach it in case Patanjali fails to make the promised payment within the stipulated time-frame.
 Senior Advocate A S Chandhiok, appearing on behalf of Patanjali in the NCLAT, said that a one-week's extension would suffice the company to implement the plan, as the firm has already "signed agreements" with the lenders.
 In September this year, Patanjali Ayurved had received approval of the National Company Law Tribunal (NCLT) to acquire Ruchi Soya, which went into an insolvency in December 2017.
 The 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 the NCLAT challenging the distribution of the proceeds from the bid submitted by Baba Ramdev-led Patanjali Ayurveda.
 Ruchi Soya informed the tribunal that resolution applicant Patanjali group will infuse Rs 204.75 crore as equity and Rs 3,233.36 crore as debt.
 The amount will be infused in special purpose vehicle (SPV) 'Patanjali Consortium Adhigrahan Pvt Ltd', which will be later amalgamated with Ruchi Soya.
 Another Rs 900 crore will be infused by the Patanjali group through subscription of non-convertible debentures and preference shares in the SPV. It will also provide a credit guarantee of nearly Rs 12 crore.
 On April 30 this year, a committee of creditors had approved Patanjali group's Rs 4,350 crore resolution plan to take over Ruchi Soya. Lenders will have to take a haircut of around 60 per cent. KRH HRS

NCLAT grants one more week to Patanjali Ayurved to complete Rs 4,350-cr Ruchi Soya deal

<ul><li>Indian states like Uttar Pradesh, Madhya Pradesh, Gujarat and now Karnataka are freezing <keyword id="176311" type="PERSON" weightage="20" keywordseo="labour-laws">labour laws</keyword> for the next three years and the central government seems to be backing it up. </li><li>Not just that, the <keyword id="82366" type="POSITION" weightage="20" keywordseo="Chief-economic-advisor">Chief Economic Advisor</keyword> <keyword id="9213978" type="PERSON" weightage="20" keywordseo="krishnamurthy-subramnanian">Krishnamurthy Subramnanian</keyword> added insult to injury while backing these controversial changes.</li><li>He seemed to suggest that just because nearly 90% of the country’s workforce doesn’t have protection for the jobs, the other 10% must also be stripped off the benefits they seem to have.</li></ul>Indian states like Uttar Pradesh, Madhya Pradesh, Gujarat, Punjab and Rajasthan have suspended many of the protections available to workers including minimum wages, social security, and safety norms at work. And experts feel not all the changes are welcome ⁠— or they are incomplete without other safety measures ⁠— as they may expose the workforce to exploitation. However, the Narendra Modi government seems to be backing these changes and it might even bring some of its own. The Indian Prime Minister said that the ₹20 lakh crore stimulus package will reform all “land, labour, liquidity and laws”. <div type="Article" hostid="261" msid="75709001" title="RBI and Finance Ministry have already spent nearly half of Narendra Modi’s $270 billion stimulus⁠— watch out for changes to land and labour laws" mstype="2" mssubtype="0"></div> These are the specific laws that have been suspended by the four states: <div type="image" title="Ordinance" msid="75713161" hostid="261" caption="&amp;lt;p&amp;gt;Changes sought under the ordinance&amp;lt;/p&amp;gt;"></div> Even before Modi revealed the stimulus plan, Chief Economic Advisor Krishnamurthy Subramnanian backed the states’ move saying these protections were prohibiting the creation of formal jobs. Adding insult to injury What’s worse, Subramanian’s caustic rhetoric makes it difficult to sell ‘labour reforms’ to a big section of India. He used the word ‘squatters’ to describe the 11% of India’s total workforce that enjoys formal employment. “When I was young, I travelled in the third class compartment of the Indian Railways. Now those who would have travelled would know that in the third class compartment whoever got in at the first station would ensure that nobody else got in after that so effectively squatters had the rights,” Subramanian said in an interview on May 11. Listen to Subramanian’s interview here: <div type="twitter" handle="MirrorNow" handlename="Mirror Now" image="http://pbs.twimg.com/profile_images/844708508989841408/HLuil94O_normal.jpg" favoritecount="5" retweetcount="5" status="#IndiaRevivalMission | India's Chief Economic Adviser @SubramanianKri bats for changes in #LabourLaws; says it is r… https://t.co/BQp4lXAWwd" createdat="1589187499000" id="1259769797270798336"></div> “You know this parallel is quite useful even to understand the situation that we have with labour laws. So again to take that parallel you know those few 70 people who get into the unreserved third class compartment are the ones that reach the destination,” he added. While there is a case to be made that India needs more formal jobs, is it really a ‘reform’ to take away protection from a smaller section of the society instead of adding protection for the others? “I think that was an unfortunate way of phrasing it,” said renowned author and former CEO of Procter and Gamble India, <keyword id="118657" type="PERSON" weightage="20" keywordseo="Gurcharan-Das">Gurcharan Das</keyword>, who in his bestselling book, ‘The Difficulty in Being Good’, wrote, “The choice is not between a free market and central planning but in getting the right mix of regulation.” Das agrees with some of what Subramanian had to say but not all of it. “Today, the labour laws protect only 11% of the population. That’s because our labour laws protect jobs, not workers. Smart countries protect workers and not jobs because they understand that jobs change, that if there's a downturn in the market, a person has to be laid off for the company to survive,” he told Business Insider. See also: <a href="https://www.businessinsider.in/india/news/modis-self-reliance-and-local-thrust-looks-like-a-jab-at-china-sounds-like-rss-swadeshi/articleshow/75701230.cms">Modi's 'self-reliance' and 'local thrust' looks like a jab at China, sounds like RSS' 'swadeshi' ⁠— and it will be music to Baba Ramdev's ears</a> <a href="https://www.businessinsider.in/india/news/pm-narendra-modi-announces-a-20-lakh-crore-financial-stimulus-for-a-self-reliant-india/articleshow/75700217.cms">Narendra Modi announces a ₹20 lakh crore financial stimulus for a 'self reliant' India</a>

India’s Chief Economic Advisor uses the word ‘squatters’ to describe India’s ‘formal’ workforce while pushing for controversial labour law changes

<ul><li>The lockdown has led to many brands experimenting with 'anti-virus' offerings, to capitalise on the pandemic.</li><li>We put together a list of some products that have been widely spoken about. Luckily, ASCI is taking note.</li></ul>Since the Covid-19 virus came into our lives a few months back, our lives seem to have changed forever. We are living in a new reality, a new world, one we had only seen in sci-fi movies. For months now, the brightest brains of the world have been working tirelessly to find a cure for the virus. However, while we are still some time away from coming up with a vaccine, this time has also led to people think ‘out-of-the-box’ and come up with ‘solutions’ that can help people fight, if not completely cure the virus. Recently yogaguru Baba Ramdev and his brand <keyword id="6356684" type="UNKNOWN" weightage="20" keywordseo="patanjali">Patanjali</keyword> came under fire after they claimed to have launched a drug that could cure the virus. However, after the company faced criticism, the company’s CEO said that they never claimed that the drug could cure or control the coronavirus. ANI quoted Acharya Balkrishna, CEO of Patanjali saying, “We never told the medicine (Coronil) can cure or control Coronavirus. We said that we had made medicines and used them in clinical controlled trials which cured corona patients. There is no confusion in it. Over the past few months, we have seen many brands come up with products ranging from bizarre to plain ridiculous, all with the same promise, of being able to either cure or control the virus. While many made us laugh out loud, there were still some that made us sit up and think, how did these products ever get approved? And why do people fall for these marketing gimmicks? We scouted the internet to bring to you some of the most ‘innovative’ inventions we witnessed during the pandemic. Siyaram’s Anti-Corona fabric Siyaram’s recently launched its Anti-Corona range of fabric that it claimed had been tested by WHO (World Health Organisation) approved labs to fight against the spread of pandemic. It also claimed in a release sent to us that it is 99.94% effective against killing Coronavirus (H1N1), SARS, Influenza virus with a broad range of Anti-Microbial treatment. <div type="twitter" handle="SiyaramsIndia" handlename="Siyaram's India" image="http://pbs.twimg.com/profile_images/1221770070939979778/78H8ckE-_normal.jpg" favoritecount="4" retweetcount="1" status="Your trusted suitings &amp; shirtings fabrics are now available with HealthGuard® Australia’s technology that protects… https://t.co/yD1IIFxhno" createdat="1595153340000" id="1284792348958797824"></div> UPDATE: In an official statement speaking about its product, Shridhar Soni, Vice President- Sales and Marketing, Siyaram Silk Mills Ltd said, "We have launched our range of Anti-Corona fabric after conducting proper research and collecting data by testing the fabric at WHO certified &amp; Government approved Indian laboratory, reputed Australian laboratory using internationally accepted protocols. The tests conducted on the treated fabric establishes that it comprises anti-viral and anti-bacterial properties and is also effective against corona viruses, by reducing the infectious viral load on the treated fabric. The 'anti-corona fabric' is made after treatment with technology from Australia's HealthGuard Corporation Pty Ltd by applying HealthGuard AMIC which has proven effective against bacteria and viruses including the novel SARS-CoV2. It stops virus transmission through treated fabric to any surface. <keyword id="1031192" type="PERSON" weightage="20" keywordseo="Siyarams">Siyaram's</keyword> has always believed in serving the Indian society by providing innovative products with complete dedication and honesty. As the world fights against an unusual situation, we hope that we play our part in overcoming these tough times with the best of our abilities". Bhabhiji Papad A video of BJP MP Arjun Ram Meghwal where he was seen promoting a product called <keyword id="9632350" type="PERSON" weightage="20" keywordseo="bhabhi-ji-papad">Bhabhi Ji Papad</keyword> went viral. He claimed that the product can be very effective in fighting the virus as it helps develop anti-bodies that can fight the virus. <div type="twitter" handle="scribe_prashant" handlename="Prashant Kumar" image="http://pbs.twimg.com/profile_images/1286229013921296384/VmhAMdPB_normal.jpg" favoritecount="1947" retweetcount="796" status="Watch: MoS Arjun Ram Meghwal launches Bhabhi ji papad, says it will help people fight Corona Virus. “It will be v… https://t.co/GqB57Odrgu" createdat="1595556790000" id="1286484539930341376"></div> Modern Immuno Bread This seems like a product that could help you fight the virus, right from your breakfast. The product contains ‘Ayush Ministry recommended immunity ingredients’ that include turmeric, ginger, clove, black pepper, cinnamon, cumin and jaggery. <div type="twitter" handle="LloydMathias" handlename="Lloyd Mathias" image="http://pbs.twimg.com/profile_images/459068431027826689/OoV8_z_6_normal.jpeg" favoritecount="38" retweetcount="10" status="Strange things #COVID19 does: Modern Foods has just launched a bread that can help boost immunity with turmeric, gi… https://t.co/DJp0EKWYsb" createdat="1594910469000" id="1283773672679895041"></div> Update: Following complaints about the claims of the brand, we came to know that this product has been pulled off the shelves. <div type="twitter" handle="ascionline" handlename="ASCI 77100 12345" image="http://pbs.twimg.com/profile_images/875219584462143488/wkrgIEo1_normal.jpg" favoritecount="42" retweetcount="15" status="ASCI examined this complaint and we are happy to share that the advertiser has confirmed that the product is withdr… https://t.co/m1FIF12qgf" createdat="1595500044000" id="1286246529666187264"></div> Zodiac’s Securo range of shirts In an ad for its Securo brand, <keyword id="131908" type="ORGANIZATION" weightage="20" keywordseo="Zodiac-Clothing">Zodiac Clothing</keyword> claimed that it uses the HeiQ Viroblock technology that kills 99% of the Covid-19 virus. <div type="image" title="Screenshot_20200724-124408" msid="77143694" hostid="261"></div> Arihant Anti-Corona mattress This mattress by brand Arihant claimed to be ‘<keyword id="9174316" type="COMPANY" weightage="20" keywordseo="anti-coronavirus">Anti-Coronavirus</keyword>’. However, soon after the ad came out, an FIR was lodged against the proprietor of the furniture manufacturing company. <div type="image" title="19BM-mattress-ad" msid="77143733" hostid="261"></div> Biryani Blues' Supermeals with Immunity Booster Meanwhile, there was another print ad of a restaurant called Biryani Blues that claimed to be serving Biryani with ingredients to boost immunity. While this ad doesn’t mention Covid-19 or Coronavirus in the copy, it still seems to be taking advantage of the situation. <div type="twitter" handle="atuln" handlename="atul s nath" image="http://pbs.twimg.com/profile_images/1278938427866533888/p4Qimajr_normal.jpg" favoritecount="0" retweetcount="0" status="@ambimgp @HUL_News @ascionline @Sam_Balsara @rameshnarayan Here you go Ambi.. this is brand new https://t.co/lIOYXr3JWE" createdat="1595571103000" id="1286544572349181957"></div> Meanwhile, there was also a discussion on Twitter about the claims of Lifebuoy’s hand sanitizer boosting immunity. While the product was launched much before the spread of the Coronavirus, brand consultant Karthik Srinivasan wrote in a tweet that nobody had bothered to check the claims of the brand for 4 years, considering it was launched in 2016. <div type="twitter" handle="LloydMathias" handlename="Lloyd Mathias" image="http://pbs.twimg.com/profile_images/459068431027826689/OoV8_z_6_normal.jpeg" favoritecount="107" retweetcount="7" status="A hand sanitizer that can 'boost immunity' sounds a bit stretched, doesn't it? 🤔 https://t.co/aCKQu0PUfC" createdat="1595318542000" id="1285485254430519300"></div> <div type="twitter" handle="beastoftraal" handlename="Karthik" image="http://pbs.twimg.com/profile_images/1140493276316745734/WH-6N17h_normal.jpg" favoritecount="3" retweetcount="0" status="@LloydMathias @ambimgp @EconomicTimes @shambhaviET @amazonIN Interestingly, they launched this in 2016, l-o-n-g- be… https://t.co/0KvJqmQO8Z" createdat="1595400577000" id="1285829333546758144"></div> We are sure we will come across more such products in the next few months. In case you come across similar ads and products, write to us at samarpita.banerjee@timesbridge.com

Covid-19 has made for some very interesting inventions in the past few months. We list some bizarre products we have come across

When you start to grow, everyone wants to be a part of your success story. This is evident in case of Indian <a href="http://www.businessinsider.in/The-Consumers-God-Babas-Patanjali-to-record-1bn-sales-next-year/articleshow/51427510.cms">FMCG giant Patanjali Ayurved</a>, which has been granted loans by ICICI Bank and HDFC Bank, even as lenders are shying away from most corporate borrowers. <keyword id="6406649" type="COMPANY" weightage="100" keywordseo="Patanjali-Ayurved">Patanjali Ayurved</keyword>, owned by <a href="http://www.businessinsider.in/Baba-Ramdevs-Patanjali-is-rattling-the-consumer-market-and-how/articleshow/51053252.cms">yoga guru Baba Ramdev</a>, is eyeing to raise Rs 1000 crore this fiscal year. 
 
The Haridwar-based consumer goods maker was approached by these banks who offered it corporate loans, as said by MD Acharya Balkrishna. He added that public sector banks SBI and PNB have so far extended their credit facility to the company. 
 
"While big industrialists fail to repay loans, we pay off our dues right on time. This is made possible due to our escalating product sales," Balkrishna told ET. 
 
Patanjali Ayurved has <a href="http://www.businessinsider.in/Patanjali-is-taking-over-the-entire-Ayurveda-industry/articleshow/51453997.cms">left behind several established names </a>in the industry after its inception a decade ago, and now plans to raise funds through bank term loans or corporate bonds. It is now looking forward to doubling its production capacity to 2,000 tonnes a day by the end of 2016-17. 
 
"Whoever gives us cheap money, we will go for it as <a href="http://www.businessinsider.in/Patanjali-is-taking-over-the-entire-Ayurveda-industry/articleshow/51453997.cms">we are expanding fast</a>," Balkrishna said. "More banks are coming to us with their offers while a few merchant bankers too contacted us with fundraising proposals via bond sales. We are exploring all options," he said. 
 
Patanjali is now planning to set up manufacturing units in Maharashtra, Madhya Pradesh, Punjab, Jharkhand and West Bengal, along with launching a new product line of nutrition baby foods. 
 
<a href="http://dailyamin.com/wp-content/uploads/2015/11/16nov6u.jpg">Image source</a>

Everyone wants to be a part of Patanjali’s success as FMCG giant aims Rs 1000 crore this fiscal

Senior Supreme Court advocate <keyword id="195903" type="PERSON" weightage="100" keywordseo="Mukul-Rohatgi">Mukul Rohatgi</keyword> has been appointed the new <keyword id="43805" type="POSITION" weightage="100" keywordseo="Attorney-General">Attorney General</keyword> of the country. Rohatgi was the front-runner for the post as he is considered to be close to Prime Minister Narendra Modi. 
 
“My priority would be to streamline the litigation process and cut down litigation between government departments and public sector undertakings. The new government will co-operate in this aspect as this government wants to change a lot,” said Rohatgi. 
 
Rohatgi was the BJP’s lawyer and defended the party in several cases, including the Babri Masjid demolition case. He also defended the BJP general secretary, Varun Gandhi, in a case regarding his alleged provocative speech in Uttar Pradesh in 2011. Only recently, the senior lawyer appeared for the yoga guru Baba Ramdev in a case related to his ‘honeymoon’ comment against Congress vice-president Rahul Gandhi. 
 Rohatgi had served as Additional Solicitor General in the Vajpayee government. He is also considered to be close to Finance Minister Arun Jaitley and Law Minister <keyword id="6354886" type="PERSON" weightage="60" keywordseo="Ravi-Shankar-Prasad">Ravi Shankar Prasad</keyword>. 
 
“They are my good friends. They will help me in my endeavour,” said Rohatgi about the ministers.

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