Acharya Balkrishna resigns as Ruchi Soya's Managing Director

Acharya Balkrishna has resigned from the post of Managing Director of Ruchi Soya Industries. Ram Bharat, younger brother of Baba Ramdev has now been appointed as the new Managing Director.

Haridwar: Acharya Balkrishna, an associate of yoga guru Baba Ramdev, has resigned as the managing director of Ruchi Soya Industries. He cited "pre-occupation" as the reason for his resignation.

"Acharya Balkrishna has resigned from the office of Managing Director of the company with effect from August 18, 2020, due to his pre-occupation. The Board of Directors has accepted his resignation," the filing said.

Ram Bharat, younger brother of Baba Ramdev has been appointed as the new managing director of the company with effect from August 19, 2020, till December.

Balkrishna has been designated as Non-Executive Non-Independent Director, liable to retire by rotation with effect from August 19, 2020, subject to approval of members of the company.

He will continue to be the chairman of the board.

Patanjali Group firm Ruchi Soya on Wednesday reported a 13 per cent decline in its net profit to Rs 12.25 crore for the first quarter ended June 30. Its net profit stood at Rs 14.01 crore in the year-ago period.

Patanjali acquired Rs 4,350 crore to take over debt ridden Ruchi Soya through an insolvency process last year. The former won the bid after Adani Wilmar withdrew from the race citing significant delays in the resolution process.

(With PTI Inputs)