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Shares of Man Industries (India) Ltd. are in focus on Tuesday, September 30, after market regulator Securities and Exchange Board of India (SEBI) issued an order on Monday barring the company and its three top executives from accessing the securities markets for two years.
The same is due to alleged fund diversion. The three top executives include the company's chairman, managing director and former finance chief.
SEBI found the company had failed to consolidate its unit Merino Shelters in its financials between the financial years 2015 and 2021, misrepresented related-party transactions, and also engaged in round-tipping of funds to mask its financial position.
The market regulator will seek a ₹2.5 crore penalty each from the pipes and steel products maker, its managing director Nikhil Mansukhani, chairman Ramesh Mansukhani and former finance chief Ashok Gupta.
Shares of Man Industries (India) Ltd. ended the previous session 1.09% lower at ₹409 apiece. The stock has gained 46% in the last six months.
Also Read: Tata Steel, Dutch government sign joint letter of intent on low CO2 steel and health measures
The same is due to alleged fund diversion. The three top executives include the company's chairman, managing director and former finance chief.
SEBI found the company had failed to consolidate its unit Merino Shelters in its financials between the financial years 2015 and 2021, misrepresented related-party transactions, and also engaged in round-tipping of funds to mask its financial position.
The market regulator will seek a ₹2.5 crore penalty each from the pipes and steel products maker, its managing director Nikhil Mansukhani, chairman Ramesh Mansukhani and former finance chief Ashok Gupta.
Shares of Man Industries (India) Ltd. ended the previous session 1.09% lower at ₹409 apiece. The stock has gained 46% in the last six months.
Also Read: Tata Steel, Dutch government sign joint letter of intent on low CO2 steel and health measures
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