Man Industries Share Price Plunges Over 12% as SEBI Bars Firm and Key Officials from Markets

The Securities and Exchange Board of India (SEBI) on September 29, 2025, passed an order barring Man Industries (India) Ltd and 3 of its senior executives from accessing the securities markets for two years. The regulator also imposed a penalty of ₹25 lakh each on the company, Chairman Ramesh Mansukhani, Executive Director Nikhil Mansukhani, and former Executive Director and current CFO Ashok Gupta.

Financial Misstatements

SEBI found that the financial statements of Man Industries between FY2015-16 and FY2020-21 were not presented correctly. The regulator stated that the company’s accounts had misrepresentations and omissions that affected the overall picture of its financial condition. These included practices that hid losses and liabilities, while showing inflated profits.

Non-Consolidation of Subsidiary

The order highlighted that Man Industries did not consolidate the accounts of Merino Shelters Pvt Ltd (MSPL), its wholly owned subsidiary, after FY2014-15. This decision was taken without providing an explanation, which led to the exclusion of group-level losses and liabilities from the consolidated results.

Round-Tripping and Related-Party Deals

According to the reports, the company also engaged in round-tripping of funds and did not accurately present related-party transactions. SEBI noted that these practices created an incorrect view of profitability, liquidity, and financial risks faced by the company during the period under review.

Forensic Audit and Probe

The action followed a complaint received by SEBI that alleged diversion of funds and non-consolidation of results. Based on this, SEBI appointed a forensic auditor on November 22, 2021, to examine the company’s accounts for FY2014-15 to FY2020-21. The audit confirmed multiple discrepancies and misstatements, which formed the basis for the enforcement action.

Read More: Who Is Shailesh Chandra, Tata Motors’ New MD & CEO From October 1?

Man Industries Share Price

As of September 30, 11:08 am, Man Industries (India) share price was trading at ₹356.30, a 12.39% decrease from the previous closing price.

Conclusion

With this order, SEBI has imposed both market access restrictions and monetary penalties on Man Industries and its executives. The decision follows an investigation into misreporting of financial data and related irregularities.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.