Sebi Bars Man Industries, Top officials of Securities MKT for 2 years due to financial misrepresentation

New -Delhi, September 29 (PTI) Markets regulator Sebi Monday Barred Man Industries (India) Ltd and his three senior executives to gain access to the security markets for two years and imposed a £ 25 Lakh fine on each of them for alleged financial misrepresentation. Those penalized include Ramesh Mansukhani, chairman of Man Industries; Nikhil Mansukhani, Executive Director; and Ashok Gupta, former executive director and current CFO, according to an order adopted by Sebi. In his order, Sebi noted that the financial statements of Man Industries (India) Ltd (Miil) for the financial years 2015-16 to 2020-21 were deliberately wrong. Consolidation to FY 2014-15 Without any explanation. unfair practice by notice by notice. By enjoying such acts, the entities have violated the provisions of Pfutp’s (ban on fraudulent and unfair trading practices), and accordingly, Sebi withheld the entities to gain access to the security market for a 2 -year period and to charge it. The order came after a complaint received by Sebi, who claimed that funds to subsidiaries and the non-consolidation of financial results to hide losses did not hide the financial results. Based on the complaint, Sebi began an investigation that included a forensic audit in Miil’s affairs. To help with this process, a forensic auditor was appointed on November 22, 2021 to conduct a detailed investigation into the company’s accounts for FY 2014-15 to FY 2020-21.