Man Industries shares plunged over 10% in the trade on Tuesday. (Photo: Man Industries website) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Man Industries Ltd. on Tuesday issued a clarification after the Securities and Exchange Board of India barred the company and its three senior executives from accessing the securities markets for two years and imposed a fine of Rs 25 lakh on each of them for alleged financial misstatement.

"The company is examining the order in detail and will seek appropriate legal remedies available," it said in an exchange filing.

Man Industries said the matters pertained to mainly on account of non-"consolidation of financial statements with Merino Shelters Pvt. Ltd (MSPL) and other procedural matters". MSPL, notably, is its wholly-owned sub

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