Overview

• SEBI barred Man Industries and three senior executives from accessing the securities markets for two years and levied fines of Rs 25 lakh on each.
• Those named in the order are Chairman Ramesh Mansukhani, Executive Director Nikhil Mansukhani and former Executive Director and current CFO Ashok Gupta.
• The regulator found that financial statements for FY 2015-16 to FY 2020-21 were deliberately misstated in violation of PFUTP regulations.
• A key finding was the exclusion of wholly owned subsidiary MSPL from consolidation after FY 2014-15, which hid group-level losses and inflated reported profits.
• Shares fell over 16% in early trade after the order, and the company said the penalty is minimal and it will examine the order to seek legal remedies.