Manpasand Beverages

The Vadodara-based Manpasand Beverages has been at the centre of controversy since Deloitte resigned as its auditor in May 2018

Markets regulator Sebi has barred Manpasand Beverages Ltd (MBL) and its three top officials from the securities markets for three years and imposed a penalty totalling Rs 68 lakh on them for manipulating and mis-stating the company's financial statement. In its order, the regulator said that the financial statements of the company were manipulated and mis-stated for financial years 2018-19 and 2019-20. Apart from Manpasand Beverages, those restrained by Sebi are -- the company's promoter, chairman & managing director (CMD) Dhirendra Singh, promoter and executive director Abhishek Singh and chief financial officer (CFO) Paresh Thakkar. Also, these four entities have been fined Rs 17 lakh each, which needs to be paid within 45 days, Sebi said in its 55-page order passed on Tuesday. Additionally, Dhirendra Singh, Abhishek Singh and Paresh Thakkar have been prohibited from holding position of director or key managerial personnel in any listed public company or any intermediary ...

Once we see some recovery in real estate, this money will get released and move towards capital market products like mutual funds, says Aashish Somaiyaa

BSE said that the companies have not submitted the financial results for March and June quarter and/or not paid the fine amount levied for such non-compliance

The fruit juice maker is embroiled in a tax evasion case worth Rs 40 crore, involving a turnover of Rs 300 crore.

Post the search by Commissioner of Central GST and Customs, many directors of the company have also tendered their resignation

Troubled fruit juice maker Manpasand Beverages' Chairman and Managing Director Dhirendra Singh Thursday said he is willing to step down from the day-to-day operations of the company over an alleged GST fraud and arrests of its top executives. In a regulatory filing on Thursday, Manpasand Beverages said its CMD Dhirendra Singh "is willing to take all necessary steps in the best interest of the company and the stakeholders, including stepping down from day to day operations of the company if required". The filing added that Singh is "accessing the recent developments and situation" and is "currently in talks with Ernst & Young to advise and the guide the company on the above matters". The Commissioner of Central GST and Customs carried out search and seizure proceedings at various premises of the company on May 23, and further inquiry was conducted on May 24, at GST Bhavan office of Vadodara. Following this, Manpasand Beverages' Managing Director Abhishek Singh, his brother ...

According to CGST commissionerate sources, MBL allegedly created and showed sales and purchases across more than 30 fake units

On Monday, the scrip dived 20% to close at Rs 88 on the BSE

There could be more downside for the stock which is down 78 per cent from the issue price

The investigation revealed a network of over 30 fake or bogus units located in various parts of the country, which were used for committing fraud by availing illegal credit

Talking about the new tie-up with Parle Products, the maker of famous Parle-G biscuits, Singh said it is a win-win situation for both the companies.

Manpasand had to defer its Q4 results as Deloitte had resigned, putting the stock under pressure

The stock locked in upper circuit of 5% at Rs 142, bouncing back 9.5% from its intra-day low, after the company said its board will meet on June 27 to consider Q4 results and to recommend dividend.

The stock locked in down circuit of 5% at Rs 158 on the BSE.

The stock locked in 5% lower circuit at Rs 174 on the BSE, was 8% away from its issue price of Rs 160, adjusted to 1:1 bonus issue

Company may declare March quarter results by June 15

The stock hit fresh 52-week low of Rs 248 today, tanked 42% in past three trading days from Rs 431 after the Deloitte Haskins and Sells resigned as auditor of the company with effect from May 26, 2018

The stock hit a fresh 52-week low of Rs 276 today, plunging 36% in past two trading sessions from Rs 431 on Friday.

The stock tanked 20% at Rs 345, also its 52-week low on the BSE, after the company announced the resignation of statutory auditor Deloitte Haskins & Sells with effect from May 26, 2018.