No Patanjali counter offer for Ruchi Soya

MUMBAI:

Patanjali

Ayurved has allowed the deadline for making a counter offer to

Adani Wilmar

's Rs 6,000-crore bid for

Ruchi Soya

to pass on Saturday, leaving to speculation that Baba Ramdev's company may move the court over breach of bankruptcy rules.


Patanjali had earlier raised concerns over the dual appointment of law firm

Cyril Amarchand Mangaldas

(CAM) as being the adviser to both the resolution professional of Ruchi Soya and to Adani Wilmar. Subsequently, CAM resigned as the counsel to Adani Wilmar, but continued offering its services to resolution professional Shailendra Ajmera - partner at EY.

If Patanjali doesn't litigate, Adani Wilmar will walk away with Ruchi Soya as, according to auction rules, if the lowest bidder doesn't match or better Adani Wilmar's offer within the specified timeline, then the creditors will declare the highest bidder as the winner. Patanjali was declared as the second-highest bidder for Ruchi Soya with its offer of Rs 5,700 crore. Patanjali spokesperson S K Tijarawala didn't respond to multiple calls from TOI on Sunday.

Stay informed with the latest Business News on Times of India. Explore updates on International Business, gain insights with Financial Literacy tips, and make use of Financial Calculators. Don’t forget to check the list of Bank Holidays in 2025, including Bank Holidays in January.