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Manpasand Beverages' top executives arrested for GST fraud
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SME Times News Bureau | 25 May, 2019
The entire top deck of Gujarat-based Manpasand Beverages including the
company's Managing Director have been arrested on allegations of GST
fraudt.
According to a BSE filing by the company, 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 the GST Bhavan office here.
"Abhishek
Singh, Whole Time Director, Paresh Thakkar, Chief Financial Officer of
the company and (Singh's brother) Harshvardhan Singh, are under judicial
custody of authority from yesterday, i.e., May 24, 2019. The company is
contesting these allegations in accordance with the due process of
law," the company said in the filing.
"Considering the present
status of the case, estimated impact on the company and amount involved
is not identifiable till the outcome in the matter."
A CGST
statement, released on Friday, stated that searches were conducted on
various premises of the company on May 23, following which a racket of
creating fake/dummy units for availing fraudulent credit and committing
tax evasion of Rs 40 crore involving turnover of approximate Rs 300
crore had surfaced.
The investigations revealed a nationwide
network of 30 dummy companies that were used by Manpasand Beverages for
claiming illegal credit. The agencies are still ascertaining the exact
beneficiaries of such dubious deals.
Manpasand Beverages is
country's first listed pure-play beverage company having a market
capitalisation of about Rs 1,200 crore. It manufactures fruit juices
under the brand names X-Cite, Mango Sip, Siznal, Aprilla etc.
The
company has seven operational manufacturing facilities in four states:
three at Vadodara, two at Varanasi and one each in Dehradun and Ambala
(Haryana).
This is not the first occasion when operations at
Manpasand Beverages have raised eyebrows and questions were raised over
its operations. In May 2018, the exit of auditors - Deloitte Haskins
& Sells India - midway through an audit process raised suspicion
about the opaque functioning of the organisation.
Reportedly the auditors left due to lack of transparency and their exit resulted in a crash of company's shares on bourses.
The
company's Board of Directors is again scheduled to meet on May 28, to
consider and approve its Audited Financial Results along with an audited
report for the fourth quarter and year ended March 31, 2019.
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