Markets regulator SEBI on Monday barred Man Industries (India) Ltd. and its three senior executives from accessing the securities markets for two years and imposed a fine of Rs 25 lakh on each of them for alleged financial misstatement.
Those penalised include Ramesh Mansukhani, chairman of Man Industries; Nikhil Mansukhani, executive director; and Ashok Gupta, former executive director and current CFO, according to an order passed by SEBI.
In its order, SEBI noted that the financial statements of Man Industries (India) Ltd (MIIL) for the financial years 2015-16 to 2020-21 were “deliberately misstated”.
According to SEBI, the misrepresentations, omissions, and concealments formed part of a scheme by which investors were deprived of the true financial picture of the company.
SEBI highlighted that MSPL, a wholly-owned subsidiary, was excluded from consolidation after FY 2014-15 without any explanation. This concealment, the order stated, suppressed group-level losses and liabilities while artificially inflating MIIL’s profits.
