Mumbai: Shares of Man Industries (India) Ltd. dropped nearly 16 percent on September 30, after the Securities and Exchange Board of India (SEBI) barred the company and three of its top executives from accessing the securities market for two years.

This action follows allegations of fund diversion, non-disclosure of financial links, and misrepresentation of related-party transactions. Read Also SEBI Levies ₹25 Lakh Fine On Two Individuals For Insider Trading Scam

SEBI’s investigation revealed that the company failed to consolidate its subsidiary Merino Shelters in its financial statements between FY2015 and FY2021, which distorted its true financial position. Additionally, the regulator found instances of round-tripping of funds to hide its liabilities and manipulate its financial app

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