Company Response
Man Industries says issues pointed in SEBI order are old, won't affect operations
This story was originally published at 12:37 IST on 30 September 2025
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--Man Ind: SEBI order points to lapses in FY15-21, do not reflect current ops
--Man Industries: Started consolidating financials since FY24
MUMBAI – Man Industries (India) Ltd. Tuesday said the Securities and Exchange Board of India's order against the company points to old lapses and it won't affect its current operations. The company's clarification comes after SEBI banned the company and its top executives from the securities market over diversion of funds and unfair trading practices. Shares of Man Industries dived after the SEBI order. At 1213 IST, the shares were down 12% at INR 358.30 on the National Stock Exchange.
The company said issues related to its subsidiary Merino Shelters Pvt. Ltd. took place between 2014-15 (Apr-Mar) and FY21. SEBI's order said financials of Merino Shelters were excluded from Man Industries' consolidated numbers to hide group-level losses. Man Industries clarified that it had started including the subsidiary's financials in the consolidated figures starting FY24.
SEBI has imposed a penalty of INR 2.5 million on the company and restricted it from trading in shares of other companies for two years. But, the company has said this will not affect its financial position. "No compliance lapses recorded over the last four years...," it said in an exchange filing.
According to the exchange filing, Man Industries has already received INR 700 million so far from the sale of Marino Shelters and it is set to receive another INR 6.5 billion to INR 7.0 billion over the next five to six years.
Giving details about its business, the company said it has an order book of INR 47 billion. The company said its new capital expenditure projects will be completed on schedule by the March quarter. Man Industries reported a consolidated net profit of INR 276.20 million for the quarter ended June, on a consolidated revenue of INR 7.42 billion. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Arundathi A R
Edited by Nishant Maher
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