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Manpasand tanks 20%; auditor quits abruptly

Shares of Manpasand Beverages lost 20% on Monday after the company announced the sudden resignation of Deloitte Haskins & Sells, the statutory auditors of the company, while cancelling the board meet scheduled to be held on Wednesday.

On the BSE, the shares of the Gujarat-based company remained locked at their lower circuit of 20%, declining ₹86.20 to ₹344.80.

In a filing with the exchanges on Sunday, the firm said while Deloitte had resigned as its statutory auditor effective May 26, Manpasand had appointed Mehra Goel & Co. as the new statutory auditor “to fill the casual vacancy… who shall hold office as such till the conclusion of the ensuing annual general meeting, subject to the approval of the members of the company.” It added that the board meeting to approve FY18 results, scheduled for May 30, had been cancelled. The board of the company, which makes the popular Mango Sip drink, was scheduled to meet to approve the results for the financial year 2017-18.

Meanwhile, in a media statement issued by the company, it said that while it is “unfortunate” that it had to part ways with Deloitte, the decision was taken by the management “after due consultations and it is in the best interests of our shareholders.”

“Everything related to financial results announcement and the timing of this event is purely coincidental and has no direct correlation. The board meeting has been postponed and the new date will be announced shortly. This is just a minor hiccup and doesn’t represent any long term business impact,” added the statement.

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