Manpasand Beverages shares were locked at a 20 percent lower circuit at Rs 88 on May 27 after the top management was arrested by the Central Goods and Services Tax (GST) Commissionerate Vadodara-II sleuths for an alleged GST fraud.
CGST Vadodara-II said in a statement that the company's Managing Director Abhishek Singh, his brother Harshvardhan Singh and the Chief Financial Officer Paresh Thakkar have been arrested after a raid on May 23.
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