Westlife Foodworld shares flat after Ahmednagar outlet license suspension stayed for a year

The company had reported 29 percent decline in its September quarter net profit at Rs 22.37 crore.

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Westlife Foodworld shares were trading flat in the early trade on November 8 after the company received a license suspension notice from the Assistant Commissioner, FDA.

At 09:29 hrs Westlife Foodworld was quoting at Rs 827.50, up Rs 0.15, or 0.02 percent on the BSE.

On November 6, the company’s subsidiary’s (Hardcastle Restaurants Private Limited’s) McDonald’s restaurant situated at Kedgaon, Ahmednagar, Maharashtra had received a license suspension notice from the Assistant Commissioner, FDA, company said.

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“The authority had questions in relation to certain menu items, and disclosures. These points are frivolous, and have been duly rebutted. This notice is being duly contested i.e. agitated by way of appeal on merits to the competent higher authority i.e. the Commissioner of Food Safety, in keeping with the provisions of applicable law, as we have been advised by our lawyers,” company said in its statement.

Pending the hearing and disposal of the appeal, the Commissioner of Food Safety granted stay of the suspension, and the restaurant has resumed operations, it added.

“There will be insignificant impact, since only one restaurant is involved, out of our chain of 370 McDonald’s restaurants,” company said.

The company had reported 29 percent decline in its September quarter net profit at Rs 22.37 crore.