Winding-up petition against Ruchi Soya

The company incurred a net loss of Rs 879 cr for the financial year 2015-16 as against Rs 61-cr net profit earned in the previous fiscal

A creditor of Ruchi Soya Industries Limited (RSIL) has filed a winding-up petition in the high court here against the company, RSIL said in a notice to stock exchanges.

The company incurred a net loss of Rs 878.7 crore for the financial year 2015-16 as against Rs 61-crore net profit earned in the previous financial year. The company posted revenue of Rs 27,805 crore for FY16 as compared to Rs 28,412 crore in the previous year. "The company will take appropriate legal recourse in the matter," said a company spokesperson.

RSIL had a total debt of Rs 4,514 crore, almost four times its net worth of Rs 1,204 crore as on March 2016.

RSIL manufactures cooking oil, soya foods, vanaspati, and bakery fats. Its soya food product, Nutrela, is a leader in the market.

Its other brands in edible oil include Sunrich (sunflower oil), Mahakosh (soya bean oil), and Ruchi Gold (palmolein).

RSIL shares ended one per cent lower to close at Rs 23 on Tuesday on the BSE (formerly Bombay Stock Exchange).