Modi government continues to help friendly capitalists: Congress ratifies Patanjali-Ruchi Soya agreement

Congress alleged on Wednesday that Narendra Modi’s government continued to help “buddy capitalist friends”, claiming there was more than meets the eye in the takeover of a debt-ridden Ruchi Soya company that has defaults on loans from yoga guru Ramdev Patanjali.

Congress spokesman Pawan Khera told a press conference that a new counterpart relationship has now been discovered in the case of Patanjali taking control of Ruchi Soya. There was no immediate response from Patanjali or others.

He alleged that the SBI had been “pressured” to transfer loans to Patanjali for investing in Ruchi Soya.

Khera claimed that Ruchi Soya took out loans worth Rs 12,146 crore from various banks and that the SBI was the largest lender at Rs 1,816 crore. He alleged that SBI could only settle Rs 883 crore (or 43.6% of the total loan amount) while forfeiting Rs 993 crore.

Khera also claimed that Adani Wilmar also wanted to take over Ruchi Soya, but after the initial bidding process he chose not to leave Patanjali as the only potential bidder, who took over Ruchi Soya for Rs 4,350 crore.

The congressional spokesperson then claimed that Patanjali had decided to take out loans worth Rs 3,250 crore for the transaction and that most of it had been taken from SBI, which had “already suffered exponential losses. “from the same company. “What is important to note here is that SBI not only wrote off hundreds of crore from Ruchi Soya Industries’ accounts, but it went even further and loaned money in the amount of Rs 1200 crore to Patanjali to finance the purchase of Ruchi Soya Industries, “he alleged.

“The Prime Minister and the government cannot continue to support these capitalists and these ‘businessmen babas’ at the expense of the public treasury and the common man,” he said.

“What banking principle allows a bank that has had to write off a company’s loans to finance the purchase of the same company by issuing more loans?” ” He asked.

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