Driving a business is not just about profitability; it’s about responsibility. For Patanjali Foods Limited (PFL), the cornerstone of this responsibility lies in upholding ethics and integrity in all aspects of its operations. Rooted in these principles, the company’s governance structure plays a pivotal role, ensuring all actions are taken with the collective interest of stakeholders in mind.
In the period under review of 2022-23, the company underwent a pivotal rebranding, changing its name from Ruchi Soya Industries Limited to Patanjali Foods Limited. This change reflects the company’s broader shift into the food and FMCG sectors. The new name, Patanjali Foods Limited, aptly encapsulates the company’s expansive FMCG ventures.
To formalize the name change, the company followed a thorough postal ballot procedure. After the company applied for a name change, the Registrar of Companies (ROC) in Mumbai, Maharashtra, under the Ministry of Corporate Affairs, granted approval. The ROC issued a revised certificate of incorporation dated June 24, 2022, making the name change official effective from the same date.
The transformation involved amending foundational documents, such as the Memorandum of Association and the Articles of Association, to align with the new identity. On the stock exchanges, the company’s securities are now traded under the name Patanjali Foods Limited. Investors and stakeholders can find it listed on both BSE Limited and National Stock Exchange of India Limited with the respective codes BSE 500368 and NSE PATANJALI.
Board Philosophy: Inclusivity and Transparency
PFL believes in fostering an inclusive corporate governance framework, keeping the concerns and interests of all stakeholders at the forefront. The company’s governance philosophy stands tall on pillars of ethics and integrity. These values are not just preached but are deeply woven into the fabric of the corporate structure.
To optimize and streamline governance practices, PFL has instituted six dedicated committees. These committees cater to varied concerns, offering a holistic approach to addressing challenges and strategizing solutions. By doing so, they provide robust support to the Board, catalyzing PFL’s performance trajectory. Through this enhanced governance framework, PFL endeavours to champion values of transparency, accountability, and sustainable growth, ensuring all stakeholders reap the benefits.
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Unwavering Code of Conduct
At the heart of PFL’s operations is a comprehensive code of conduct—a beacon guiding ethical practices and standards for every employee and associate. This code is crystal clear in its stance against bribery and corruption, emphasizing that any such actions, whether direct or indirect, are strictly off the table. This unwavering commitment to maintaining a high moral compass demands stringent adherence from all. It’s not just a set of guidelines but a culture—a culture of trust, transparency, and above all, ethical stewardship that envelopes the entire organization.
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Board Composition: A Balanced Mix
PFL’s board composition is meticulously crafted to bring diverse perspectives and expertise to the table:
- Independent Voices: With three Independent Directors, the board benefits from unbiased insights and judgments.
- Guiding Leadership: The two Non-Executive Directors offer guidance without being involved in daily operations.
- Strategic Oversight: The singular Executive Director ensures strategic alignment and operational excellence.
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Patanjali Board of Directors: A Fusion of Traditional Wisdom and Modern Enterprise
Patanjali Yogpeeth Trust unveils a star-studded line-up of renowned personalities and experts for its Board of Directors.
In a recent Annual Report for the year 2022-23, Patanjali Foods Limited introduced its prestigious Board of Directors, merging the ethos of traditional Indian wisdom with cutting-edge market expertise. This board features three independent directors, two non-executive directors, and one executive director, each bringing their unique accomplishments and experiences to the table.
Swami Ramdev
Non-Executive Director
Renowned as an international yoga authority, Swami Ramdevji has revolutionized Indian consumer marketing with his forward-thinking methods and visionary perspective. As the author of numerous books on Yoga, he has touched the lives of millions globally with his groundbreaking initiatives. Swamiji pursued advanced studies in Sanskrit and Yoga, obtaining a postgraduate (Acharya) degree with a focus on Sanskrit Vyakarana, Yoga, Darsana, Vedas, and Upanishads. He delved deeply into Satyartha Prakash as well. Recognizing his contributions, the Haryana government honored him with the title of Brand Ambassador for Yoga and Ayurveda.
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Acharya Balkrishna
Chairman and Non-Executive Director
A versatile and dynamic figure, Acharya Balkrishnaji stands as the Founder-Secretary of the esteemed Patanjali Yogpeeth Trust. Not only is he a profound scholar in Ayurveda, Sanskrit, and the Vedas, but he also thrives as a distinguished business leader. His remarkable contributions encompass the detailed study and identification of medicinal plants and traditional remedies. A visionary at heart, Balkrishnaji is known for his asceticism, humility, and multifaceted nature. His selfless dedication to the betterment of humanity is celebrated and acknowledged globally.
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Ram Bharat
Managing Director
As a pioneering entrepreneur, Ram Bharat has skillfully elevated Patanjali Foods to prominent success, establishing it as a foremost entity in its specialized business sector. With an insightful grasp of market dynamics and consumer inclinations, he spearheads the teams at Patanjali Foods, ensuring outstanding performance and consistent motivation. Embodying the philosophy of “simple living, high thinking”, he is a paragon of both leadership and humility.
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Dr. Girish Kumar Ahuja
Independent Director
Dr. Girish Kumar Ahuja is a seasoned Chartered Accountant and scholar, offering a rich tapestry of 52 years in consultation spanning international and domestic tax realms, joint ventures, and more. A specialist in Direct Taxes, he boasts a Doctorate that delves into Financial Sector Reforms, specifically focusing on Capital Market Efficiency and Portfolio Investment.
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Dr. Tejendra Mohan Bhasin
Independent Director
Serving as the Chairman of the Advisory Board for Banking and Financial Frauds (ABB&FF), a body established in collaboration between the Central Vigilance Commission (CVC) and the Reserve Bank of India (RBI), Dr. Tejendra Mohan Bhasin has made significant strides in his field. His academic journey is marked by numerous accolades, and his career boasts of noteworthy milestones and recognitions.
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Justice Gyan Sudha Misra (Retd.)
Independent Director
Justice Gyan Sudha Misra (Retired) is an esteemed former judge of the Supreme Court of India. In addition to her distinguished judicial service, she has held significant roles such as Treasurer, Joint Secretary, and Member of the Executive Committee within the Supreme Court Bar Association, which stands as India’s leading association for legal professionals.
Also Read:
- Patanjali Foods: The Rise of an Indian Edible Oil Giant and Exceptional Financial Journey
- Patanjali Foods Boosts CSR Expenditure to Rs.12.36 Crore, Marking an 87% YoY Increase
(India CSR)
