Ruchi Soya Group Tax Controversy.
Ruchi Soya is a company with many controversies. One of the most recent was the accusation that two of Ruchi Soyas officials were attempting to bribe local income tax officials. Ruchi Soya decided to stay respectfully quiet. Choosing not to release an official statement on the issue. It is hard to gauge whether or not these stories are true as the CBI refuses to give many details into the matter. However, it is hard to ignore Ruchi Soyas history.
Many people talk in support of Ruchi Soya, noting their history in Madyha Pradesh, which is a area in india that has been cut off from a lot of mainstream development. The Ruchi Soya Group has their roots there, trading edible oils, and helping local agriculture thrive. The company decided to entrust their futures in a promising new plant known as the soya bean. Later Soya Ruchi expanded into many other fields and businesses, turning into the biggest Soya Producer in the country. Since then The company has grown into the countries largest soya producer.
The Ruchi Soya group has played a major part in growing the economy of india, providing jobs in many areas where there was very little development and poverty. Growing the job market for steel, infrastructure, realty, information, and many other sectors of the job market.
Ruchi Soya has been working hard on many other important projects for india , Mr. Sarvesh Shahraa was quoted saying, “The market is clearly shifting towards sustainability and is demanding sustainably produced agricultural products. Ruchi Group is working closely with the famers in India for the past three decades. This is the right time for Ruchi Soya to take the lead in developing India’s first long term sustainability program and offer its customers a completely integrated solution. The European Union is a key and priority market for Non-GM Soy products.. Along with RF Solutions, Ruchi Soya will now provide its customers, the right solutions for sustainability and meet all the future demands from India. This initiative will help brighten the lives of millions of farmers across India and farmer livelihood development has always been at the core of Ruchi Soya’s corporate philosophy. Ruchi Soya is proud to be a partner in this initiative, our commitment to Non-GM foods is reiterated with this global alliance.”
Unfortunately like any company there has been definite growing pains. A few supposedly bad apples accused by the CBI of bribing tax officials can make an entire company look bad, even when their history has been so good. Aiding the local economy and providing jobs for many families. We shouldn’t look at the company badly if a couple of people took it upon themselves to bribe some tax officials. Forget the accusations of the CBI, and instead look towards the true History of the Ruchi Soya Group, and the true values of their company.