Motilal Oswal was a big investor in Manpasad Beverages and defended it vigorously. I wouldn’t give too much credit to diligence of an HNI investor who would have invested at peak of bull run in hopes of quick buck. The biggest red flag for me is Rs. 180 cr cash acquisition of 4-year old Madhur Confectioners (again a questionable company) which defies all logic and is clear cash siphoning. Even the Promoter’s shareholding has fallen from 51% to 39% in last 2 years. Unless there is contrary feedback from somebody who has confirmed doing on ground diligence, I would classify this company as a sham.
PS: You should check their YouTube channel. It’s hilarious!
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