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Man Industries (India) Limited ( (IN:MANINDS) ) has issued an announcement.
Man Industries (India) Limited has disclosed that the Securities and Exchange Board of India (SEBI) has resolved longstanding issues related to non-consolidation of financial statements with Merino Shelters Private Limited and other procedural matters from FY 2015 to 2021. SEBI has imposed a monetary penalty of Rs. 25 lakh on the company and similar penalties on three key executives, while also restraining them from accessing the securities market for two years. Despite these penalties, the company states that the impact on its operations is minimal, given its substantial order book of Rs. 4,700 crores and the fact that it does not engage in securities trading. The company is reviewing the order and considering legal options.
More about Man Industries (India) Limited
Man Industries (India) Limited operates in the manufacturing industry, specializing in the production of large diameter carbon steel pipes and coating systems. The company focuses on providing products for oil, gas, petrochemical, water, and other infrastructure sectors.
Average Trading Volume: 34,687
Technical Sentiment Signal: Buy
Current Market Cap: 31.22B INR
See more insights into MANINDS stock on TipRanks’ Stock Analysis page.