Ruchi Soya Lodges FIR Over Unsolicited Messages About Its FPO

Ruchi Soya Industries Ltd. has lodged an FIR against the circulation of unsolicited messages about its share sale after the market regulator sought a window for investors to withdraw bids citing misleading claims.

The edible oil maker filed the complaint with the Haridwar Police, the company said in an exchange filing. The FIR was lodged under section 67A of the Information Technology Act and section 420 of the Indian Penal Code.

"There is an SMS/Message in circulation in social media, speculating about investment opportunity in our Company’s Issue and about equity shares of our Company being available at discount to the market price (“Message”)," the filing said. Ruchi Soya said the message has not been issued by the company or any of its directors, promoters or group companies.

The FIR follows SEBI's rare action, allowing investors other than anchor buyers to withdraw their bids for Patanjali Group-owned Ruchi Soya's follow-on public offer citing misleading advertising.

The Securities and Exchange Board of India held a meeting on March 28, with representatives of book-running lead managers over unsolicited SMSs advertising the Ruchi Soya FPO.

In its order, SEBI asked the Patanjali Ayurved-owned firm to inform all investors and stock exchanges about the withdrawal window and to issue advertisements in the same manner as the FPO in the same newspapers to caution investors against the unsolicited SMSs.