Former Andhra Pradesh Chief Minister Y. S. Jagan Mohan Reddy has launched a fresh attack targeting Heritage Foods and indirectly linking it to alleged irregularities. His latest press meet focused on claims involving Heritage, Indapur, Bolebaba Dairy and listings on IndiaMART. The larger narrative appears aimed at drawing parallels and shifting public attention. However, a closer look at publicly available corporate data and industry practices tells a different story.
The IndiaMART Screenshot Argument
One of the central claims revolved around a screenshot from IndiaMART that allegedly linked Heritage to Bolebaba Dairy. This was presented as key evidence.
IndiaMART is a B2B marketplace platform. Businesses and distributors create their own listings. These pages are not ownership documents. They do not establish shareholding patterns or corporate control. Any trader can list products or associate brand names for marketing purposes. Treating such a listing as conclusive proof of corporate ownership reflects either a misunderstanding of how digital marketplaces function or a deliberate attempt to mislead.
Corporate ownership is determined by filings with the Ministry of Corporate Affairs and disclosures to stock exchanges. Screenshots from a marketing portal do not replace statutory documentation.
The Indapur Angle
The Indapur issue was also highlighted as if it revealed a hidden link. Heritage Foods has publicly stated that Indapur functions as a co-manufacturer for certain cheese products. Co-manufacturing arrangements are standard in the dairy industry. Large brands often outsource specific production lines to optimise capacity and manage logistics.
Indapur is associated with the Sonai Group. It supplies dairy products to multiple brands, including Amul. Such supply relationships do not imply ownership. They represent commercial contracts.
If Heritage owned Indapur, it would be clearly disclosed in stock exchange filings. Heritage Foods is a listed company. Under Securities and Exchange Board of India regulations, any subsidiary, acquisition or material partnership must be transparently reported. These disclosures are available to investors and analysts. There is no record suggesting that Indapur is a subsidiary of Heritage.
How Listed Companies Operate
Heritage Foods Limited is a publicly traded company. Its shareholding pattern, related party transactions and subsidiary details are available through exchange filings. The company operates dairy processing plants across several states. It has built a network of procurement centers and retail outlets over decades.
In the Indian dairy sector, co-packing and contract manufacturing are common. Brands such as Amul, Mother Dairy and others frequently engage third party processors. This allows scalability without unnecessary capital expenditure. There is nothing unusual about such arrangements.
If a listed company concealed ownership in another firm, it would face serious regulatory consequences. Investors, analysts and regulators continuously scrutinize filings. The Indian stock market does not operate on informal screenshots.
Political Context
The press meet came at a time when allegations are being discussed in other contexts. Rather than address specific concerns directly, the strategy appears to broaden the narrative. By introducing names like Heritage and linking them to unrelated entities, the attempt seems aimed at creating moral equivalence.
Political communication often relies on association. Mentioning multiple companies in a single narrative can create a perception of complexity and wrongdoing. However perception does not replace documented evidence.
The Bigger Picture
Public debate benefits from facts grounded in verifiable data. Corporate relationships are defined by filings, board structures and audited financial statements. They are not determined by marketing listings or supply contracts alone. The dairy industry operates on layered supply chains. Co manufacturing does not equal ownership. Vendor relationships do not establish control. Digital marketplace listings do not override statutory disclosures.
The Heritage, Indapur and IndiaMART narrative appears more political than financial. In matters involving listed companies, the truth is rarely hidden. It is filed, audited and available in the public domain.
