Man Industries resolves SEBI dispute, eyes strong future growth

Man Industries (India) Ltd announced on September 30, 2025, the resolution of legacy matters with the Securities and Exchange Board of India (SEBI) concerning FY2015 to FY2021. The issues primarily involved the non-consolidation of financial statements with its subsidiary, Merino Shelters Private Limited (MSPL), and other procedural lapses. SEBI imposed a penalty of ₹25,00,000 on the company, with additional penalties of ₹25,00,000 each on four individuals and a two-year securities market restriction on these individuals.

The company stated that the penalty is minimal and has no material impact on its financial position or operations, as it does not engage in securities trading. Man Industries emphasized its current strong position with an order book of approximately ₹4,700 crores, improved margins, and successful asset monetization, including the sale of an MSPL asset yielding a partial inflow of ₹70 crores and ₹650-700 crores receivable over 5-6 years.

The company also highlighted no compliance lapses over the last four years, reflecting strong corporate governance, and confirmed that all new capital expenditure projects are on track for completion by Q4 FY26. Man Industries maintains its right to pursue legal remedies against the order.