The effect of SEBI action! Man Industries Shares have dropped more than 15 percent

Mumbai, September 30 (IANS). The shares of Man Industries (India) had a drop of more than 15 percent amid the actions of the Securities and Exchange Board of India (Sebi). The share started at Rs 356.20, which was 12.31 percent less than the previous 406.70 rupees. After this, the decrease in early trade increased to Rs 340, which was 16.25 percent less than the previous bandh. The share recovered in the day business and it dropped at 9:00 pm at 9.95 percent to Rs 366.25. On behalf of Sebi, the company and its three senior officials have been banned from the security market for two years. The regulator also imposed a fine of Rs 25 Lakh on each officer because he wrongly offered the financial statements. According to Sebi’s order, those who were fined are chairman Ramesh Mansukhani, executive director Nikhil Mansukhani and former executive director and current CFO, Ashok Gupta. The market regulator said that the financial statements of the company from FY 2016 to FY 2021 were “deliberately incorrect”, causing investors not to get the right information about the company’s performance. Sebi found that Man Structural Private Limited (MSPL), a full -fledged subsidiary, was excluded from consolidation without any justification to FY15, which reduced the group level and liabilities and exaggerated the profit of the original company. Man Industries, who calls the fine as “minimal”, said that this order does not affect the daily matters. The company further said: “The company is investigating this order in detail and will seek appropriate legal measures.” -Ians ABS/ Share This Story Tags