There's something amiss about Manpasand, Vakrangee, and Infibeam. Can Sebi spot it?
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Even in cases where Sebi has taken some action, there is a feeling that it takes forever to deliver justice.
Synopsis
Several corporate-governance failures have surfaced in small- and mid-cap companies recently, but Sebi has been unable to act decisively to shield small investors. The markets regulator has to get its act together.
On May 23, the Commissioner of Central GST and Customs raided various premises of Gujarat-based soft-drinks company Manpasand Beverages. A day later, the company’s CFO Paresh Thakker, managing director Abhishek Singh, and his brother Harshvardhan Singh were arrested on allegations of a GST fraud of about INR40 crore. It had a cataclysmic impact. Four of the eight company directors resigned; private equity firm SAIF Partners, which holds a 17.57%
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