While Patanjali Ayurved is a closely held company, its unit Patanjali Foods Ltd. is publicly traded. Its shares have declined close to 10% so far this month.
The court has also asked the Uttarakhand government to file an affidavit on the status of ban on 14 Patanjali medicines
The court further restrained Ramdev, his associate Acharya Balkrishna and Patanjali Ayurveda from making such allegations. Justice Anup Jairam Bambani stated that if the tweets are not taken down, the social media intermediaries will take down the content.
Patanjali told the court it has written to Facebook, X and other social media platforms to remove the advertisements. The court has given it two weeks to file an affidavit saying if the request has been acceded to
The act bans advertising for 54 diseases including typhoid, venereal diseases, tuberculosis, impotence and pregnancy-related illnesses among others. The short 16-section law also empowers the authorities to penalise company executives for misleading ads.
The advertisement, which is in a bigger size and font, comes a day after the court questioned if their earlier apology was as big as the ads for their products
Patanjali case: The SC bench also questioned if the apology was placed in a prominent place in the newspaper or if it has been placed in 'classified' section.
SEBI had imposed penalties on these entities in 2022 for manipulating Ruchi Soya stock in 2012.
Patanjali misleading ads case: Ramdev and Balakrishna told the court that they were not justifying their actions but only apologising for the same
The court has not exempt Ramdev, Balkrishna from personal appearance, gives them a week to file affidavit. The court asked the Centre why it failed to intervene effectively when Patanjali went to town claiming Covid cure.
Besides shopping, dining, fuelling and e-commerce, the prepaid card comes with NCMC feature which will allow holders to use transit services such as NCMC enabled metro, buses, toll and parking across the country.
The court bars the company from publishing ads claiming to cure illnesses such as BP, diabetes, epilepsy and lupus, which are covered under the Drugs and Magic Remedies Act. There are 54 disease mentioned in the act
If Ruchi Soya fails to repay the loan, lenders can invoke the personal guarantees and LoCs issued by Patanjali promoters, including Balkrishna. Ruchi Soya has to pay back around Rs 824 crore by the financial year 2025 and Rs 1,553 crore by 2029.
IMA acknowledges and compliments all systems of medicine, especially the Indian system of Ayurvedic medicine, said Dr Jayalal in an interview to MoneyControl.
Patanjali has to provide clinical trial data and also share details of when and where trials were conducted, say experts.
The Haridwar-based company has held several meetings with leading fund managers in Mumbai in the last couple of months through financial services company UBS and IDFC.
In its latest advertising campaign, Patanjali has raked up the Swadeshi feeling by comparing the MNCs' to the erstwile East India Company