What fraud was Manpasand Beverages involved in?

Manpasand Beverages was accused of falsifying financial statements, overstating revenues and profits, and siphoning funds through related-party transactions. SEBI suspended trading in 2019 after the fraud came to light.

Why did Price Waterhouse resign as auditor of Manpasand Beverages?

PwC's Indian member firm, Price Waterhouse, resigned as statutory auditors in 2019 stating they were unable to obtain sufficient appropriate audit evidence, effectively signaling deep concerns about the reliability of financial records.

What happened to Manpasand Beverages promoter Dhirendra Singh?

Dhirendra Singh, the founder and managing director, was arrested by Enforcement Directorate and Income Tax officials in connection with alleged fraud, money laundering, and tax evasion related to the company's manipulated accounts.

Can investors recover money from Manpasand Beverages?

Recovery prospects are extremely limited. The company has been embroiled in legal proceedings, assets may have been encumbered, and shareholders have suffered near-total capital loss with trading suspended on exchanges.

What is the current status of Manpasand Beverages?

As of 2025, Manpasand Beverages remains under regulatory scrutiny with SEBI action ongoing, trading suspended, and the company in a deeply distressed state. The Mango Sip brand's future remains uncertain.

How do I buy Manpasand Beverages unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Manpasand Beverages?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Manpasand Beverages shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Manpasand Beverages Unlisted Share Price | Buy Manpasand Beverages Pre-IPO Shares — wisefolio

Investment Thesis

Manpasand Beverages Limited is a cautionary tale of corporate fraud in Indian capital markets. The company's accounting manipulation, auditor resignation by Price Waterhouse, SEBI trading suspension, and arrest of founder Dhirendra Singh have rendered it uninvestable. The current near-zero price reflects this reality, and investors should treat this as a total-loss scenario rather than a contrarian opportunity.

Pros

Mango Sip brand had strong rural and semi-urban brand recall in tier-2 and tier-3 cities of India
Prior to fraud detection, had a wide distribution network reaching rural India where multinational beverage brands had limited reach
Low price-point product positioning in the mango drinks segment appealed to price-sensitive consumers
Manufacturing facilities in Gujarat with capacity to supply across India

Cons

CRITICAL FRAUD RISK: Manpasand Beverages was involved in a major accounting and financial fraud — SEBI initiated action and trading was suspended on NSE/BSE
PROMOTER ARRESTED: Founder and Managing Director Dhirendra Singh was arrested by the Enforcement Directorate (ED) and Income Tax authorities in connection with financial fraud allegations
AUDITOR RESIGNATION: Statutory auditor Price Waterhouse (PwC India member firm) resigned citing inability to obtain sufficient audit evidence, a rare and alarming event in Indian corporate history
Company effectively defunct for investors — shares are non-tradeable on exchanges and recovery prospects are near zero
Massive destruction of shareholder value: stock that traded above ₹500 at peak is now near ₹1, reflecting total loss scenario for most investors

Business Segments

Mango Drinks (Mango Sip)

Fruit-based mango drinks targeting rural and semi-urban India at affordable price points

Other Fruit Beverages

Mixed fruit drinks and other non-carbonated beverages under various sub-brands

Revenue Model

Manpasand's stated revenue model was manufacturing and distributing fruit-based beverages (primarily mango drinks) to rural and semi-urban Indian markets through a network of distributors and retailers. However, actual revenues were substantially overstated per regulatory findings; the real operational revenue is uncertain and financial statements are unreliable.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds7

Growth Plans

Unlikely: Acquisition of Mango Sip brand by a larger beverage company could provide nominal recovery value

Resolution under insolvency proceedings if initiated could provide some residual payout to creditors

Industry Tailwinds

Unlikely: Acquisition of Mango Sip brand by a larger beverage company could provide nominal recovery value

Resolution under insolvency proceedings if initiated could provide some residual payout to creditors

Recent Developments

Price Waterhouse auditor resignation

Statutory auditor Price Waterhouse resigned from Manpasand Beverages citing inability to obtain sufficient audit evidence — a stark signal of deep financial irregularities.

2019-06

SEBI trading suspension and regulatory action

Securities and Exchange Board of India (SEBI) suspended trading in Manpasand Beverages shares on NSE and BSE and initiated regulatory proceedings against the company and its management.

2019-07

Promoter Dhirendra Singh arrested

Founder and MD Dhirendra Singh was arrested by the Enforcement Directorate in connection with money laundering and fraud allegations. Income Tax department also conducted search operations.

2019-08

Comparable Companies

CompanyTypeTickerMkt Cap

Parle Agro (Frooti brand)ListedUnlisted—

PepsiCo India (Slice brand)ListedUnlisted (subsidiary)—

Dabur India (Real Juice)ListedDABUR~₹90,000 Cr (listed)

Parle Agro (Frooti brand)Listed

Unlisted

Frequently Asked Questions

About Manpasand Beverages

Manpasand Beverages Limited was a Vadodara, Gujarat-based beverages company that produced fruit drinks and juices under the Mango Sip, Fruits Up, and other brands. Set up by Dhirendra Singh in 1998, the company was incorporated as a public limited entity in 2010 and was listed on both NSE and BSE, making it one of the few publicly listed regional beverage companies in India. At its apparent peak, Manpasand claimed revenues of approximately ₹1,078 crore with profit of around ₹69 crore. However, investigations revealed the actual turnover was only ₹144 crore — meaning the company had massively inflated its reported financial metrics, a large-scale accounting fraud. The fraud began unraveling in May 2018 when Deloitte resigned as the company's statutory auditor — a significant red flag that triggered regulatory scrutiny. In May 2019, DGGI (Directorate General of GST Intelligence) raided Manpasand's Vadodara headquarters and arrested Managing Director Abhishek Singh (son of founder Dhirendra Singh), Harshvardhan Singh, and CFO Paresh Thakkar for alleged GST fraud of approximately ₹40 crore. Investigators uncovered a sophisticated scheme of creating fake/dummy units to execute circular transactions that generated fraudulent Input Tax Credit. The scheme involved transactions worth ₹300 crore through fake entities. SEBI subsequently barred Manpasand Beverages and its top officials from the securities markets for three years and imposed penalties of ₹74 lakh for manipulating and mis-reporting financial statements. This case stands as one of India's most significant post-GST implementation corporate frauds, highlighting how the GST system's digital audit trail ultimately caught what traditional tax systems may have missed. Manpasand Beverages serves as a cautionary case study in corporate governance failures and the risks of investing in companies with opaque accounting.

Key Milestones

2010: Incorporated in Gujarat as a beverages company under Dhirendra Singh's promotership

Common questions about unlisted shares

How do I buy Manpasand Beverages unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

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