So, my thread on Ruchi Soya and Ramdev has caught a few by their knickers. For what is a perfectly legal acquisition on the surface, it is a complete sham.
With all the bullshit that the quack vomits on Blackmoney and nationalism, he has used the IBC process and our money to finance his racket and profiteered. Here are 10 questions:
1. This stinks. The banks term Ruchi Soya as a defaulter. They agree to settle for only 43.6% repayment. They fund the new acquirer. And they take the same defunct and defaulting Ruchi Soya shares as a collateral security? Can't get any stranger?
2. Adanis withdrew after successfully bidding with 96% votes and a bid that was 24% more than Patanjali? The ineligibility of Adanis raised by Patanjali at NCLT should have disqualified them in Essar Power, Dighi etc. under IBC? Why is the disqualification only in this case?
3. How can banks agree to a acquirer who had a credit rating withdrawal by both ICRA & CARE in October 2019?
4. Why would any prudent bank trust a company to repay 12000 crores of debt while showing less than 1000 crores of cash, which also was a loan taken? And rejected companies include Godrej, Adani and Emami!
5. Isnt it true that SBI had initially refused a loan to Patanjali till the FM publicly asked banks to trust spiritual entities in giving loans?
6. Isn't it true that the banks agreed to receive only 4093 crores against an O/S of 9384 crores, a 56% write off?
6. Isn't it true that the banks agreed to receive only 4093 crores against an O/S of 9384 crores, a 56% write off?
7. Why didn't the banks ask for equity in the new entity against the write-offs?
8. When only one bidder was left after Adani Withdrawal and that too a not so credit worthy one, did the banks not think of going back to Godrej and emami, the original bidders?
8. When only one bidder was left after Adani Withdrawal and that too a not so credit worthy one, did the banks not think of going back to Godrej and emami, the original bidders?
9. Isn't it true that after the acquisition was completed in Dec 2019, the government restricted palmolein oil imports thus massively benefitting Ruchi Soya and its stock?
10. Lastly and most importantly, Who is the mystery investor who made Rs 1,300 cr from Rs 13 cr in Ruchi Soya through a preferential allotment done just one month after acquisition?
The questions are real. The taxpayer will cough up everytime such deals happen..
END.
The questions are real. The taxpayer will cough up everytime such deals happen..
END.
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