11B order in the matter of M/s. MAN Industries India Limited
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What is this order about?
This order concerns M/s. Man Industries (India) Limited and its directors for allegedly misrepresenting financial statements by not consolidating subsidiary results and hiding losses through improper related-party transactions.
Who it concerns
M/s. Man Industries (India) Limited, Mr. Ramesh Mansukhani, Mr. Nikhil Mansukhani, Mr. Ashok Gupta
What was found or directed
- SEBI found MIIL misrepresented financials by not consolidating subsidiary MSPL's results
- MIIL failed to disclose related party transactions including loans to MSPL and LCPL
- MIIL converted a loan to MSPL to capital advance without audit committee approval
- MIIL did not recognize interest income on loans to MSPL
- SEBI ordered a forensic audit of MIIL's accounts for FY 2014-15 to FY 2020-21
- SEBI rejected settlement applications from the Noticees
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | — |
| Status | closed (section: order) |
| Year | 2025 |
| Closing date | — |
| Documents | 1 |
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Documents
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Order
2025-09-29
1759153803084_1.pdf
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