Fund diversion: Sebi bars Man Industries, executives

MUMBAI: Markets regulator Sebi on Monday barred Man Industries and two of its current and one former top executives from accessing the securities markets for two years over alleged fund diversion, misrepresentation of financial statements and delayed disclosures to the exchanges.The company, its chairman Ramesh Mansukhani, its MD Nikhil Mansukhani, and Ashok Gupta, a former executive director and CFO of the company, have also been fined Rs 25 lakh each.According to Sebi’s show-cause notice, the consolidated profit & loss statements forming part of the consolidated financial statements of Man Inds for FY16-FY21 were misrepresented due to non-consolidation of financial statements of one of its subsidiaries. The SCN also alleged misutilisation of funds.