Manpasand Beverages plunges 20% on MD, CFO's arrest

NEW DELHI: Shares of Manpasand Beverages hit lower circuit limit of 20 per cent in Monday's session after the company MD and CFO were arrested on allegations of GST fraud.

In a regulatory filing on Saturday, the company said that the Commissioner of Central GST and Customs has carried out search and seizure proceedings at various premises of the company on May 23, 2019, and a further inquiry was conducted on May 24, 2019, at GST Bhavan office of Vadodara.

"Mr. Abhishek Singh, Whole Time Director, Mr. Paresh Thakkar, Chief Financial Officer of the Company and Mr. Harshvardhan Singh are under judicial custody. The Company is contesting these allegations in accordance with the due process of law," the company said in a BSE filing.


In a separate BSE filing, the company said that Mr. Vishal Sood resigned from the post of Director of the company with effect from 24th May, 2019 due to searches from GST department.

Manpasand Beverages manufactures fruit juices under the brand names of Mango Sip, Siznal, X-Cite, Aprilla, etc.

The shares of the company closed at Rs 88 down 20 per cent on BSE.