Three board members of Manpasand Beverages, India's leading fruit juice manufacturers, have resigned in the continuing aftermath of a Goods and Services Tax (GST) invasion that led to arrest of its top executives.
Gujarat-based Manpasand Beverages on Monday announced that its board members Bharat Vyas and Dhruv Agrawal have resigned. On Friday, Vishal Sood, non-executive director of the company, had tendered his resignation with immediate effect.
The fruit juice maker company owns brands such as MangoSip, Fruits Up, Manpasand ORS, and OXY Sip.
"We would like to inform you that the Company has received resignation from Bharat Vyas Independent Director w.e.f. May 20, 2019 (the Company received mail on 26th May, 2019) and Dhruv Agrawal Director w.e.f. 26th May, 2019 from the post of director of the company," Manpasand Beverages said in a filing to the Bombay Stock Exchange.
Bharat Vyas has resigned due to pre-occupation and Dhruv Agrawal mainly due to GST search, the company said in the exchange filing.
On Saturday, the company, in a filing to exchange, said that its Vishal Sood, Non-Executive Director of the company, has tendered resignation with immediate effect i.e. May 24, 2019, due to Search from GST departmental.
The Commissioner of Central GST and Customs on Friday arrested the company's managing director (MD) Abhishek Singh and chief financial officer (CFO) Paresh Thakkar on allegation for creating fake company units and committing tax invasion.
The authorities had carried out search and seizure proceedings at various premises of the company on May 23, and further inquiry was conducted on May 24, 2019 at GST Bhavan office of Vadodara.
Reacting to the news, Manpasand Beverages share price was trading 20 per cent or 22 points lower at Rs 88 on Bombay Stock Exchange. The Manpasand Beverages share opened 20 per cent lower at the same price compared to the previous close of Rs 110.
Edited by Chitranjan Kumar