DBS Bank-Singapore told the Mumbai National Company Law Tribunal (NCLT) on Tuesday it would move the tribunal against Patanjali Ayurved’s proposed Rs 4,350-crore resolution plan for debt-laden Ruchi Soya. DBS is one of the 27 financial creditors to Ruchi Soya. According to documents available on the Ruchi Soya website, DBS bank-Singapore is a lender to the company and has extended it two external commercial borrowing facilities. A food and agri products company, Ruchi Soya owns several brands such as Nutrela, Sunrich, Mahakosh, Ruchi Gold and Ruchi Star. The company posted a net profit of Rs 6.30 crore in Q3FY19 against a loss of Rs 1,956.60 crore in Q3FY18.

Source: Indian Express May 07, 2019 22:30 UTC