SEBI penalizes Man Industries, bans key individuals from market for two years

The Securities and Exchange Board of India (SEBI) has levied a penalty of INR 25,00,000 on Man Industries (India) Ltd. for regulatory non-compliance from fiscal years 2015 to 2021. The issues primarily relate to the non-consolidation of financial statements with Merino Shelters Private Limited and other procedural lapses. An additional INR 25,00,000 each has been imposed on ramesh mansukhani (chairman & director), nikhil mansukhani (managing director), and ashok gupta (ex-chief financial officer).

Furthermore, SEBI has restrained the aforementioned individuals from accessing the securities market for two years from the order's date. Man Industries, however, stated that the monetary penalty is minimal compared to its operations and does not materially impact its financials.

The company is currently examining the SEBI order in detail and intends to seek appropriate legal remedies. Despite the restraint directions, which the company states have no bearing on its core operations, Man Industries remains fully operational with a strong order book exceeding INR 4,700 crores.