The Securities and Exchange Board of India (SEBI) has imposed a two-year ban on Man Industries (India) Ltd. and three of its senior executives—Chairman Ramesh Mansukhani, Managing Director Nikhil Mansukhani, and former Chief Financial Officer Ashok Gupta—from accessing the securities markets.
This action follows allegations of financial misconduct, including fund diversion and misrepresentation of financial statements.
SEBI’s investigation revealed that the company failed to consolidate its subsidiary, Merino Shelters Pvt. Ltd. (MSPL), into its financial statements between fiscal years 2015 and 2021.
Additionally, the company was found to have misrepresented related-party transactions and engaged in round-tripping of funds to obscure its true financial position.
A forensic audit was commissioned in November 2021 to examine the company’s financial records during this period.
In response to SEBI’s order, Man Industries stated that the penalty is minimal relative to its size and operations and will not affect day-to-day business.
The company continues to maintain a strong order book of over ₹4,700 crore and remains fully operational.
Following the regulatory action, shares of Man Industries (India) Ltd. experienced a significant decline, falling 16% to an intraday low of ₹340.90 on the Bombay Stock Exchange on September 30, 2025.
The stock pared losses to trade 14.5% lower at ₹347.3 apiece, compared to a 0.08% advance in the Nifty 50 index. This marked the fifth consecutive session of decline for the company’s stock.
SEBI’s decision underscores its commitment to maintaining transparency and accountability in India’s financial markets, sending a strong message against corporate misconduct.