The Baidyanath Group, one of the oldest players in the Indian Ayurvedic pharmaceuticals run by a family since 1917, is in the throes of a major financial scam blown up by its two members, alleging laundering of over Rs 10,000-15,000 crore through 72 shell shenanigans, all operating from within its premises.
Despite grave irregularities mentioned in the qualified statutory auditor's reports over the decades, the Registrar of Companies, Kolkata, registered the complaint but took no immediate action against the board of the company indulging in serious corporate governance lapses, frauds and malpractices and cheating of the government revenues.
Founded over 100 years ago by late Pandit Ram Dayal Joshi, along with his brother Late Ram Narayan Vaidya, the company was incorporated on 22.05.1947 and run by late H L Sharma, eldest son of Joshi, as its managing director until his death in 1985.
Peeved by the family's name being defamed with the financial frauds, elder sons of Sharma, namely Rajesh Sharma and Rakesh Sharma, filed a complaint on November 7, 2022 with the Ministry of Corporate Affairs (MCA), Serious Fraud Investigation Office (SFIO), and Registrar of Companies, Kolkata, etc. (ROC) for a probe into the state of affairs at the company.
They...
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