Abhishek Singh, whole time director, Paresh Thakkar, chief financial officer of the Company and Harshvardhan Singh are under judicial custody of Authority on yesterday, i.e., May 24, 2019, it said.
The company said it is contesting these allegations in accordance with the due process of law. Considering the present status of the case estimated impact on the company and amount involved is not identifiable till the outcome in the matter.
As per a CGST Commissionerate statement, the listed beverages company had been running fake units for availing input tax credit (ITC) fraudulently, committing a tax evasion of Rs 40 crore, involving a turnover of Rs 300 crore.
In a separate regulatory filing, MBL informed the stock exchanges that Vishal Sood, non- executive director of the company has tendered resignation from the post of Director of the company with immediate effect i.e. 24th May, 2019. This resignation is mainly due to search from GST
departmental, it said.