Manpasand Beverages appoints Batliboi & Purohit as statutory auditors; stock hits 52-week low

Non-alcoholic beverages company Manpasand Beverages on Friday said it has appointed Batliboi & Purohit as the statutory auditors of the company for 5 years.

Established as back in 1907, Batliboi & Purohit is a well-reputed Chartered Accountants firm that handles consultancy and tax planning both in direct and indirect fields and helps its clients in structuring their transactions so as to minimize their tax liabilities.

Last month, the company's auditor Mehra Goel and Co. Chartered Accountants had resigned. While stating a reason for resignation, the auditor had said as a part of the re-evaluation of client continuation, the firm has considered recent development, including action and investigation initiated by Goods and Services Tax (GST) authorities in relation to Manpasand and resignation of directors and company secretary of the company.

Prior to this, on May 26, 2018, Deloitte Haskins & Sells had also suddenly resigned as its statutory auditor of the firm, ahead of the earnings report day.

The MD and the CFO of the Vadodara-based Manpasand Beverages were arrested by Goods and Services Tax (GST) department officers for creating fake company units and committing tax invasion.

The fruit juice maker company owns brands such as MangoSip, Fruits Up, Manpasand ORS, and OXY Sip. Manpasand's  MangoSip brand was the second-largest selling mango drink in India in 2014.

Meanwhile, share price of Manpasand Beverages hit a 5% lower circuit at Rs 22.80 and touched a fresh 52-week on the Bombay Stock Exchange on Friday.