Vadodara (Gujarat):The entire top deck of Gujarat-based Manpasand Beverages including the company's Managing Director has been arrested on allegations of GST fraud.
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 a 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 approximately Rs 300 crore had surfaced.
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