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Under the lens

There's something amiss about Manpasand, Vakrangee, and Infibeam. Can Sebi spot it?

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.
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4 Jun 2019 11 Mins Read 0 comment
Even in cases where Sebi has taken some action, there is a feeling that it takes forever to deliver justice. Shutterstock.com
Even in cases where Sebi has taken some action, there is a feeling that it takes forever to deliver justice.
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
issues of corporate governance, ethics, transparency, et al. are highlighted in a research report. So, Sebi cannot shy away from carrying out suo motu investigation just because it is afraid to get a rap on the knuckles from the courts. It’s time for the market regulator to get tough. ( Graphics by Sadhana Saxena and Mohammad Arshad)
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 issues of corporate governance, ethics, transparency, et al. are highlighted in a research report. So, Sebi cannot shy away from carrying out suo motu investigation just because it is afraid to get a rap on the knuckles from the courts. It’s time for the market regulator to get tough. ( Graphics by Sadhana Saxena and Mohammad Arshad)

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