Manpasand: MD, CFO arrested, stock hits lower circuit

The company's top executives were arrested following raids by GST officials for alleged tax evasion. The stock hit lower circuit limit in opening trades on Monday.

Manpasand Beverages' Managing Director Abhishek Singh and Chief Financial Officer Paresh Thakkar, along with MD's brother Harshvardhan were arrested by the Vadodara Commissionerate of the Central Goods and Services Tax (CGST). The executives had alleged involved in GST tax evasion of approximately Rs. 40 crore. They created fake units for availing tax credits involving a turnover of Rs. approximately Rs. 300 crore.

CGST Vadodara-II conducted raids and searched the companies premises at multiple location on May 23 and unearthed huge rackets of fake units created to commit the GST fraud.

Manpasand Beverages is leading producer of fruit juice based drinks in India. It has good presence in the mango juice market with its Mango Sip brand and also offers carbonated and non-carbonated drinks under the Fruits Up brand. It has a manufacturing capacity of 2,70,000 cases per day.

At 10:10, the company's stock was still stuck in its lower circuit limit of 20 per cent at Rs. 88.00 per share, down by Rs. 22.00 on Monday.