The Securities and Exchange Board of India (SEBI) has barred Man Industries (India) Ltd, along with its Chairman Ramesh Mansukhani, Managing Director Nikhil Mansukhani, and former CFO Ashok Gupta, from accessing the securities markets for a period of two years.
SEBI found that the company failed to consolidate its subsidiary Merino Shelters in its financials between FY2015 and FY2021, misrepresented related-party transactions, and engaged in round-tripping of funds.
The regulator has also imposed a monetary penalty of ₹25 lakh each on the company and the three executives.
In its clarification, Man Industries said the penalty is “minimal in nature” compared to its operations, and the order will not impact its day-to-day business activities. The company added that it continues to maintain a strong order book of over ₹4,700 crore.