Atrimed Pharma Launch ‘Plant Science’ Range Hand Sanitiser to Join the Fight Against COVID-19 with Subsidised Pricing

Bangalore based Atrimed Pharma – a pioneer in developing scientifically-tested plant-based medication, today announced its efforts to join the fight…

Bangalore based Atrimed Pharma – a pioneer in developing scientifically-tested plant-based medication, today announced its efforts to join the fight against COVID-19, with the launch of a company-subsidized Herbal Hand Sanitiser. The hand sanitiser from the company’s ‘Plant Science’ range, contains active molecules from Neem and Tulasi and has proven to have powerful anti-bacterial and anti-viral properties. 

Dr. Hrishikesh Damle, Managing Director of Atrimed Pharma

Dr. Hrishikesh Damle, Managing Director of Atrimed Pharma stated that “As members of the medical community we felt the urge to contribute to the remarkable global efforts against this health crisis. We redirected our resources to producing what this country needs the most right now: Hand Sanitiser at a cost that is more accessible to ordinary Indians.”  

The hand sanitiser produced by Atrimed adheres to W.H.O. guidelines for effectiveness, but adds key anti-microbial properties based on Atrimed’s state-of-the-art Plant Science research. The unique formula also keeps hand from drying after repeated use, which makes it unique. Hand sanitisers are a critical need for a country in the grips of a pandemic. And despite many manufacturers stepping up their production and many companies importing large quantities, the average price still pinches the pockets of the middle class. And while the government has rightly capped prices at Rs. 0.5 per ml, the rate could further be reduced by lowering the GST rate which is currently at 18%.

Further highlighting the market scenario Dr. Damle explains, “Besides the option of lowering the tax rate by classifying it an essential commodity, the only other option to lower the price is for the company to sustain a loss per bottle. And that is exactly what we have done to achieve the current rate of Rs. 200 for half a litre. It’s a gesture of our commitment to the health and our company values.”

Plant Science  – Herbal Hand Sanitizer

Retail environments are also in crisis, as every visitor requires 10 ml of sanitiser which costs the retailers INR 5 per customer. This can strain the margins of retailers and result in huge losses for venues that have large footfalls, like banks, malls and offices. Atrimed Pharma plans to make large quantities of its Herbal Sanitiser available to these venues at even more discounted prices. The company has started taking pre-orders for bulk requirements, and retail sales have commenced this week in Bangalore.

About Atrimed Pharmaceutical Pvt. Ltd. 

Based in Bangalore, develops medicines from plant based molecules to develop drugs that cure diseases which have troubled humanity such as Psoriasis, Acne, Arthritis and more. It combines the traditional cures with the knowledge base created from computer aided drug design, biotechnology and Artificial Intelligence to establish a library of plant molecules, some 400,000 strong, the largest in the world. Its products cater to Skin and Hair care, Mother and Child care, and Bone related diseases, Nutrition, Metabolism and Allergies. The pharmaceutical company was sent to BIO 2019, Philadelphia, USA which is the largest Biotechnology Expo in the world by the Karnataka Government “To showcase Karnataka’s biotechnological ecosystem to learn more about the perspectives of high-level government officials, key thought leaders and experts from around the world on the new opportunities and challenges facing the global biotech industry. ”

For more information, please visit: www.atrimed.in.

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Cyril Amarchand Mangaldas Advises Axis Bank on Acquisition of up to 30% Stake in Max Life

Cyril Amarchand Mangaldas advised Axis Bank Limited (Axis Bank) on acquisition of up to 30% stake in Max Life Insurance Company Limited (Max Life) from Max Financial Services Limited (Max Financial) by way of a secondary transfer of shares. For the acquisition, Axis Bank, Max Financial, and Max Life executed a share purchase agreement on April 27, 2020.

The General Corporate, Capital Markets, Competition Law and Taxation Practices of Cyril Amarchand Mangaldas advised on the Transaction.

  • The Transaction Team was led by Yash Ashar, Partner; and Indranath Bishnu, Partner; with support from Pranjita Barman, Principal Associate; Soumyadipta Chanda, Principal Associate; Anirud Sudarsan R, Associate; and Viraj Dhurrin, Associate.

  • The Capital Markets Advisory team was led by Gokul Rajan, Partner; with support from Aashima Johur, Principal Associate Designate.

  • The Competition Advisory team was led by Anshuman Sakle, Partner; with support from Kaustav Kundu, Principal Associate; and Shreya Joshi, Associate.

  • The Corporate Due Diligence team was led by Indranath Bishnu, Partner, with support from Soumyadipta Chanda, Principal Associate; Viraj Dhuri, Associate; Anirud Sudarsan R, Associate; and Soumyaditya Dasgupta, Associate.

  • The Tax Due Diligence team was led by Daksha Baxi, Head - International Taxation; Mekhla Anand, Partner; and Kunal Savani, Director; with support from Shiladitya Dash, Senior Associate; Bipluv Jhingan, Associate; and Jesika Babel, Associate

  • The Corporate Secretarial Team that assisted in preparing the RoC search report involved Manik Makwana, Senior executive - corporate secretarial services; Mihir Sangani, Executive - corporate secretarial services; Charmi Sanghvi, Executive - corporate secretarial services; Rasika Bharadkar, Executive - corporate secretarial services; and Shikha Mody, Executive - corporate secretarial services.

As a part of the Transaction, Axis Bank, Max Financial, Max Life, Mr. Analjit Singh, Max Ventures Investment Holding Private Limited (Max Ventures), and Mitsui Sumitomo Insurance Company Limited (MSI) entered into a shareholders agreement to record the inter se rights and obligations of the aforesaid parties.

The completion of the Transaction is subject to approval of the Insurance Regulatory Development Authority of India (IRDAI), Reserve Bank of India (RBI) and Competition Commission of India (CCI).

Cyril Amarchand Mangaldas takes forward the values going back 103 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co., whose pre-eminence, experience and reputation of almost a century has been unparalleled in the Indian legal fraternity. Tracing its professional lineage to 1917, the Firm of Cyril Amarchand Mangaldas is now the largest full-service law firm in India, with over 750 lawyers including over 130 partners, and offices in India's key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.

The firm, Cyril Amarchand Mangaldas, was awarded recently awarded with "India - Firm of the Year" at the AsiaLaw Regional Awards 2019 and "India Deal Firm of the Year" at the In-House Community Counsels of the Year Awards 2019. The firm was also named as the "Most Innovative National Law Firm of the Year - India for 2018" at the IFLR Asia Awards, having also been successful in winning the prestigious & coveted "National Law Firm of the Year, 2018 for India" at the Chambers Asia-Pacific Awards. The firm was also voted as the "Employer of Choice for 2018" from India, by the Asian Legal Business, now 4 years in a row, building upon the several awards that the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. had won in the past.