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    Ruchi Soya files FIR against misleading SMS; SEBI tells company to give investors option to withdraw bids by Mar 30

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    Ruchi Soya files FIR against misleading SMS; SEBI tells company to give investors option to withdraw bids by Mar 30

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    Ruchi Soya FPO: Amid the SMS row, Ruchi Soya has issued a public notice saying it has filed an FIR against the circulation of unsolicited messages advertising the company's FPO.

    Ruchi Soya, owned by Baba Ramdev-led Patanjali group, issued a public notice on Tuesday saying it has filed an FIR against the circulation of unsolicited SMS advertising the company's follow-on public offer (FPO).
    “We understand that there are SMS/messages in circulation in social media, speculating about investment in our Company’s issue and about equity shares of our Company being available at discount to market price (“Message”). We wish to bring to attention of the investors that this message has not been issued by company or any of our Directors, Promoters, Promoter Group or Group Companies,” the company said in the notice.
    The FIR was lodged at a police station in Uttarakhand’s Haridwar on March 27 to take up an investigation about the circulation of the text message, under Section 67A of the Information Technology Act, 2000 and section 420 of the Indian Penal Code, 1860, Ruchi Soya said in the public notice.
    "Investors should further note that bidding in the Issue is closed i.e. March 28, 2022, and accordingly no further Bids will be accepted in the Issue. Any Bids, after the Bid/Issue closure will be rejected," the company said in a regulatory filing. This filing followed a direction issued by markets regulator Securities and Exchange Board of India (SEBI) after a meeting held earlier on Monday day with the bankers managing the Rs 4,300 crore FPO.
    Amid the row of misleading messages, SEBI on Monday asked the company to give investors an option to withdraw their FPO bids till March 30 and also caution them about “unsolicited SMS” about the share sale with advertisement in newspapers on Tuesday and Wednesday.
    Ruchi Soya FPO has been oversubscribed with the issue receiving bids 3.6 times of the shares on offer.
    With PTI inputs
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