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Man Industries (India) Limited has announced the resolution of a long-pending case with the Securities and Exchange Board of India (SEBI) concerning historical compliance issues.
In a press release, the company assured shareholders that the SEBI order, dated September 29, 2025, has no material impact on its financial health or business operations and underscored its positive business forecast.
The SEBI order primarily addresses legacy matters from fiscal years 2015 to 2021, which were mainly related to the non-consolidation of financial statements of its subsidiary, Merino Shelters Pvt. Ltd (MSPL), along with other minor procedural matters.
The company clarified that these issues were historical, did not involve any misrepresentation, and do not reflect its current governance standards. It also noted that it began consolidating its financials in FY23-24 and continues to do so.
As per the ruling, SEBI has imposed a monetary penalty of ₹25 lakhs on Man Industries and an equal penalty of ₹25 lakhs each on its Chairman Mr. Ramesh Mansukhani, Managing Director Mr. Nikhil Mansukhani, and former CFO Mr. Ashok Gupta.
Furthermore, the company and the three individuals have been restrained from accessing the securities market for a period of two years.
Man Industries described the penalty as “minimal” in comparison to the company’s size and operations, stating it will have no impact on its financial position.
The company also provided a crucial clarification regarding the market restriction, explaining that it does not prevent investors from trading the company’s shares. The restriction only restrains the company itself from trading in the shares of other companies, an activity that is not part of its core business operations.
Despite the regulatory ruling, the company emphasised its robust operational health and strong fundamentals. It highlighted a record order book valued at over ₹4,700 crores with improved margins, ensuring business continuity.
The company also pointed to its successful asset monetisation of MSPL, which is set to yield ₹650–₹700 crores in receivables over the next several years. It further reinforced its commitment to governance by stating that no compliance lapses have been recorded in the last four years and that its capital expenditure projects are proceeding on schedule.
While complying with the SEBI order, the company is examining the ruling in detail and reserves its right to pursue all available legal remedies.
This information was disclosed to the stock exchanges by Rahul Rawat, Company Secretary, on behalf of Man Industries (India) Limited.
The announcement was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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कई जन्मों के बाद, ज्ञानी मुझमें शरण लेते हैं। वे समझते हैं कि मैं सबका स्रोत हूँ।
After many births, the wise seek refuge in Me, understanding that I am the source of all. This realization brings them liberation.
