Fund diversion: Sebi bars Man Industries, executives
Markets regulator Sebi has barred Man Industries, its chairman, MD, and a former executive from accessing securities markets for two years, imposing Rs 25 lakh fines each. The stringent action follows allegations of fund diversion, misrepresentation of financial statements due to non-consolidation of a subsidiary's financials from FY16-FY21, and delayed disclosures, raising serious concerns about corporate governance.
Markets regulator Sebi has barred Man Industries, its chairman, MD, and a former executive from accessing securities markets for two years, imposing Rs 25 lakh fines each. The stringent action follows allegations of fund diversion, misrepresentation of financial statements due to non-consolidation of a subsidiary's financials from FY16-FY21, and delayed disclosures, raising serious concerns about corporate governance.
