Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Manpasand Beverages Tanks 20% as Top Management Gets Arrested in GST Fraud Case

Manpasand Beverages’ statutory auditor Deloitte Haskins and Sells had resigned in May 2018 ahead of the declaration of March quarter financial results that year.

Trending Desk

Updated:May 27, 2019, 12:39 PM IST
facebookTwitterskypewhatsapp
Manpasand Beverages Tanks 20% as Top Management Gets Arrested in GST Fraud Case
Image for representation.

Manpasand Beverages Ltd shares tanked 20% on Monday to hit the lower circuit at Rs 88 after the Vadodra-based company’s top management was arrested by the Goods and Services Tax (GST) department for an alleged fraud.

The fruit juice company owns brands such as MangoSip, Fruits Up, Manpasand ORS and OXY Sip.

The Central Goods and Services Tax (GST) Commissionerate Vadodara-II said in a statement that the company’s managing director Abhishek Singh, his brother Harshvardhan Singh and chief financial officer Paresh Thakkar have been arrested after a raid on 23 May.

The CGST statement said the investigation unearthed a network of more than 30 fake units across the country that were used by Manpasand Beverages to commit fraud by availing illegal credit.

“Multi-locational searches were conducted on various premises of Manpasand Beverages on 23 May. The searches resulted into an unveiling of a huge racket of creating fake units for availing fraudulent credit and committing tax evasion of Rs 40 crore and involving turnover of Rs 300 crore approximately,” the statement said.

CGST Vadodara-II added that the investigation regarding the ultimate beneficiary of the fraud and the web of shell companies is under progress.

Meanwhile, in a clarification to exchanges, Manpasand Beverages said: “The company is contesting these allegations in accordance with the due process of law. Considering the present status of the case, estimated impact on the company and amount involved is not identifiable till the outcome in the matter.”

Manpasand Beverages will also be holding a meeting of the board of directors on Tuesday.

Manpasand Beverages’ statutory auditor Deloitte Haskins and Sells had resigned in May 2018 ahead of the declaration of March quarter financial results that year. Deloitte had said that Manpasand Beverages failed to provide them with “significant information” on financial results for 2017-18. Following this, Religare Broking had also suspended coverage on the stock, citing a lack of clarity on the resignation of its auditors. It also flagged concerns on lack of disclosures provided by the firm with respect to this issue.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Ahona Sengupta
Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Bandhan Bank 623.70 9.67
HUL 2,064.40 2.49
Infosys 768.30 -2.26
RBL Bank 264.05 1.99
Maruti Suzuki 6,985.75 2.41
Company Price Change %Gain
Bajaj Consumer 195.55 -14.77
Future Life 413.10 2.71
Bandhan Bank 625.05 10.14
Federal Bank 85.40 2.58
Indiabulls Hsg 189.05 -4.47
Top Gainers
Company Price Change %Gain
Eicher Motors 19,199.10 4.75
Vedanta 153.50 3.86
Zee Entertain 250.70 3.21
M&M 583.40 2.59
Hero Motocorp 2,675.70 2.55
Company Price Change %Gain
Vedanta 153.45 3.79
M&M 584.60 2.83
Hero Motocorp 2,677.90 2.63
ONGC 138.75 2.63
Maruti Suzuki 6,987.70 2.47
Top Losers
Company Price Change %Gain
Bharti Airtel 383.65 -2.52
Infosys 768.30 -2.26
Bharti Infratel 256.95 -0.96
JSW Steel 219.65 -0.81
Tata Motors 126.95 -0.70
Company Price Change %Gain
Bharti Airtel 383.55 -2.53
Infosys 767.80 -2.27
Tata Motors 126.95 -0.67
HCL Tech 1,084.10 -0.27
Bajaj Finance 3,880.30 -0.03

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results