Sebi bars Man Industries, executives from market for two years

Mumbai: Sebi on Monday barred Man Industries and three of its senior executives, including the chairman, from accessing the securities market for two years over alleged diversion of funds to subsidiaries.

Apart from its chairman Ramesh Mansukhani, the other two executives are Nikhil Mansukhani, executive director, and Ashok Gupta, CFO. Sebi said it had received a complaint, following which it appointed a forensic auditor on November 22, 2021 to examine the books of accounts of the company for FY15 to FY21.

The forensic audit report dated March 23,2022 brought out that the company had misrepresented the financials by not consolidating financials of its subsidiary, non-disclosure of related party transactions and material events by indulging in rotation of funds.