Strictness on Manpasand Beverages, SEBI imposes heavy penalty

New Delhi, Mar 04, (Fast Mail News):-- Market Controller Security and Exchange Board of India (SEBI) has imposed heavy penalty on Manpasand Beverages, a company engaged in the business of Mango Sip, Oxy Sip, Fruit Shop and Manpasand ORS, for violation of rules. SEBI has imposed a fine of about Rs 35 lakh on 8 officials including the CMD of the company.

SEBI has passed this order of fine after investigating the allegations of messing up the financial data by the company during the financial year 2017-18. An independent forensic auditor was appointed by SEBI to examine the accounts of the company. This auditor's investigation found that the company had on two occasions used the money raised from the market through Qualified Institutional Placement (QIP) in violation of the provisions given in the QIP document.

Market regulator SEBI has imposed a penalty of Rs 7 lakh on Dhirendra Singh, Chairman-cum-Managing Director of Manpasand Beverages, Rs 5 lakh on the company's whole-time director Abhishek Singh and the company's chief financial officers Paresh Thakkar, Chirag Doshi and Milind after the forensic auditor's investigation report came out. A fine of Rs 2-2 lakh has been imposed on Babar. Apart from this, an additional fine of Rs 5 lakh has also been imposed on Dhirendra Singh, Abhishek Singh and Dhruv Agarwal in total.