Patanjali Seeks More Clarity on Adani Group’s Bid on Ruchi Soya
Baba Ramdev’s Patanjali Group, which is in the race to acquire bankruptcy-bound Ruchi Soya, has sought more information related to the bid submitted by its rival Adani Group and also on the appointment of a legal advisor of the resolution professional.
According to sources, Patanjali, which has been declared as H2 (second highest bidder), has not yet submitted a revised bid to match or better the highest offer of Rs 6,000 crore by Adani Wilmar.
The company was to submit its revised bid under the Swiss Challenge system by June 16. The Committee of Creditors (CoC) would have to decide on whether to give a fresh deadline to Patanjali to submit a revised bid or declare Adani Wilmar as the winning bidder.
However, sources said that Patanjali Ayurveda has sought more information from the lenders of Ruchi Soya.
The company wants to know the parameters based on which Adani group has been declared as the highest bidder (H1), they said.
Patanjali, which had bid for around Rs 5,700 crore under the Swiss Challenge System, has also sought details related to appointment of Cyril Amarchand Mangaldas as legal advisor of resolution professional, which was already advising Adani Group.
When contacted, Patanjali spokesperson S K Tijarawala said: “We have replied to them within the stipulated time frame.”
He did not reply to a query whether the Haridwar-based firm has submitted its revised bid or not.
Tijarawala had earlier raised question over the neutrality of the process citing media reports of resignation of law firm Cyril Amarchand Mangaldas as advisor of Adani Wilmar. The law firm is also advising the Ruchi Soya’s resolution professional.
Last week, Ruchi Soya had in a regulatory filing confirmed that the CoC declared Adani Wilmar as H1 (highest) bidder and Patanjali stood as H2 (second highest).