Sebi Cracks Down on Man Industries for Financial Misstatement

The Securities and Exchange Board of India (Sebi) has barred Man Industries and three executives from the securities market for two years. They have been fined Rs 25 lakh each for financial misstatements that misled investors about the company's true financial state.

Devdiscourse News Desk | New Delhi | Updated: 29-09-2025 22:57 IST | Created: 29-09-2025 22:57 IST

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The Securities and Exchange Board of India (Sebi) has taken stringent action against Man Industries (India) Ltd, banning the company and three of its senior executives from accessing the securities markets for a two-year period. This decision comes in response to allegations of financial misstatement.

The penalized individuals—Ramesh Mansukhani, Nikhil Mansukhani, and Ashok Gupta—stand accused of misleading financial disclosures. According to Sebi's order, financial statements from FY 2015-16 to FY 2020-21 were deliberately misstated to present a deceptive image to investors.

The complaint that triggered Sebi's probe pointed to fund diversions to subsidiaries and ignored consolidation practices, which concealed losses. A forensic audit, commissioned to investigate the matter, uncovered that Man Industries had sidelined certain financial data to create a misleading financial profile.