Contempt Proceedings
Patanjali Foods Shares Drop 4% After SC Issues Notices to Ramdev, Balakrishnan
| Feb. 28, 2024, 11 a.m.
Patanjali Foods Shares Drop 4% After SC Issues Notices to Ramdev, Balakrishnan
Patanjali Foods shares decline 4% after the Supreme Court issues notices to Baba Ramdev and Acharya Balakrishnan over alleged violation of its orders. The court restrained Patanjali Ayurved from advertising medicinal products, prompting a clarification from Patanjali Foods that the order doesn't apply to it. The SC's action follows a dispute with the Indian Medical Association, accusing Patanjali of disparaging conventional medicines. The stock's decline continues for the third consecutive day amidst ongoing legal concerns.
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Supreme Court of India, New Delhi, | Image Courtesy : Adobe Stock
| Feb. 28, 2024, 10:51 a.m.
Supreme Court Restrains Patanjali from Advertising Medicinal Products Amid Allegations of Misrepresentation
The Supreme Court restrained Patanjali Ayurved from advertising medicinal products amid allegations of misrepresentation until further orders. The court issued notices to the company and its managing director for potential contempt proceedings, citing concerns over non-compliance with directives. Patanjali's advertisements were criticized for allegedly flouting the court's order, prompting the court to stress the urgency of addressing the issue. The matter was adjourned to March 19 for Patanjali to respond, emphasizing the importance of transparency in advertising medicinal products.
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