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Man Industries Shares Tank 16% After Sebi Uncovers Fraud, Bans Executives
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Man Industries shares fell 16 percent after Sebi banned the firm and three executives, including Ramesh Mansukhani, for two years.
Man Industries shares tank 16% on Tuesday.
Man Industries Share Price: Pipe manufacturing company Man Industries shares tanked 16 per cent on Tuesday following Sebi’s action to ban the firm and three of its senior executives from the securities market for two years, along with a Rs 25 lakh fine on each for alleged financial fraud.
Shares of Man Industries (India) were trading 11.73 per cent lower around 11:19 am at Rs 359 apiece, against the previous day close at Rs 406 apiece. The day’s low stood at Rs 340 apiece.
The order named Ramesh Mansukhani, Chairman of Man Industries; Nikhil Mansukhani, Executive Director; and Ashok Gupta, former Executive Director and current CFO, as the individuals penalised.
Sebi found that the company’s financial statements for FY 2015-16 to FY 2020-21 were “deliberately misstated.” The regulator said these misrepresentations, omissions, and concealments were part of a scheme that deprived investors of a true view of the company’s financial position.
The order noted that MIIL’s wholly-owned subsidiary, MSPL, was excluded from consolidation after FY 2014-15 without explanation. This, Sebi said, hid group-level losses and liabilities while artificially boosting MIIL’s reported profits.
“I conclude that the financial statements of MIIL for FY 2015-16 to FY 2020-21 were misrepresented, creating a false picture of profitability, liquidity, and group-level risks for investors. This constitutes a fraudulent and unfair practice by the noticees,” said Sebi Chief General Manager N Murugan.
By doing so, the company and its executives violated PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations. In response, Sebi barred them from market participation for two years and levied fines.
The action follows a complaint alleging diversion of funds to subsidiaries and non-consolidation of results to conceal losses. Sebi subsequently conducted a forensic audit, appointing an auditor on November 22, 2021, to investigate MIIL’s accounts from FY 2014-15 to FY 2020-21.
In response, the company said, “the SEBI order pertains to legacy matters and carries no material impact on the company’s current or future operations. With a strong order book, improving margins, disciplined governance, and a robust capex pipeline, the company is well positioned to deliver sustainable growth and value for shareholders. We reaffirm our solid fundamentals, commitment to corporate governance, and focus on long-term value creation for all stakeholders.”
(With PTI Inputs)
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
September 30, 2025, 11:28 IST
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Business
UPS vs NPS: Only 1 lakh of 23L govt employees switch to Unified Pension Scheme; request deadline extension – The Times of India
The government is considering whether to extend the September 30 deadline to switch to the UPS as barely 1 lakh out of 23 lakh government employees have opted.Several employees’ associations have written to the cabinet secretary, seeking a two-month extension to allow more staff to switch from the National Pension Scheme (NPS) to the UPS or the Unified Pension Scheme. Earlier on Monday, representatives from associations met ministry officials to present their case, as per an ET report.Senior officials from the finance, pension, and other departments held late-night discussions on Monday to consider the request, following the previous extension granted on June 30.Why are workers struggling to choose?The UPS, launched in March, is the government’s flagship pension reform, aiming to balance the market-linked NPS with the old pension system that placed it under a heavy burden, according to ET. However, uptake has been low due to concerns over financial security, a 25-year service requirement for full benefits, and a strict definition of eligible family members.Eventually…To ease these concerns, the government introduced the Central Civil Services (Implementation of the Unified Pension Scheme under the National Pension System) Rules, 2025, with several incentives. Full pension benefits are now available after 20 years of service, instead of 25, a move that particularly benefits paramilitary personnel who often retire early. The scheme also offers better financial protection for employees’ families in case of disability or death.Despite these changes, many employees are struggling to understand the new rules, especially those in remote areas. As of last week, only around one lakh staff had opted for the UPS, despite the government’s outreach across departments, the financial daily reported.In a September 25 letter, the National Council of the Joint Consultative Machinery highlighted the communication gaps and procedural delays. A substantial number of eligible employees may end up missing the UPS option, which closes on September 30, the Council wrote, requesting at least a two-month extension so staff have sufficient time to make their choice.
.jpg?trim=0,0,0,0&width=1200&height=800&crop=1200:800 "Business news live: UK economy grew 0.3% in second quarter as slowdown confirmed")
UK economy grew by 0.3% across April to June 2025
The ONS have released their major accounting figures for the UK across Q2 – the second three months of the year, April to June.
Chief among the headline figures is confirmation that the economy grew 0.3 per cent during that period, a marked slowdown on the 0.7 per cent from the first quarter of 2025.
Perhaps also notably, the second quarter of last year was also higher, at 0.6 per cent.
Karl Matchett30 September 2025 07:14
Osmond ChiaBusiness reporter, Singapore
Metropolitan PoliceA Chinese national has been convicted of playing a key role in what is believed to be the single largest cryptocurrency seizure in the world, worth more than £5bn ($6.7bn).
Zhimin Qian, also known as Yadi Zhang, pleaded guilty on Monday at Southwark Crown Court, London of illegally acquiring and possessing the cryptocurrency.
Between 2014 and 2017, she led a large-scale scam in China by cheating more than 128,000 victims and storing the stolen funds in bitcoin assets, the Metropolitan Police said in a statement.
The Met said the 47-year-old’s guilty plea follows a seven-year probe into a global money laundering web.
The police said the probe began in 2018 after they got a tipoff about the transfer of criminal assets.
Qian had been “evading justice” for five years up to her arrest, which required a complex investigation involving multiple jurisdictions, said Detective Sergeant Isabella Grotto, who led the Met’s investigation.
She fled China using false documents and entered the UK, where she attempted to launder the stolen money by buying property, said the Met.
She had help from another Chinese national, Jian Wen. The former takeaway worker was jailed for six years and eight months last year for her part in the criminal operation.
The Met said it had seized a total of 61,000 bitcoins from Qian.
“Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct,” said Robin Weyell, deputy chief Crown prosecutor for the Crown Prosecution Service.
“This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters.”
Monday’s conviction marks the “culmination of years of dedicated investigation”, which has involved the police and Chinese law enforcement teams, said Will Lyne, the Met’s Head of Economic and Cybercrime Command.
The Met said the investigation is still ongoing.
In 2024, Chinese media reported that investors, mostly between 50 and 75 years old, poured “hundreds of thousands to tens of millions” of yuan into schemes promoted Qian.
The investors reportedly knew little about Qian, who was described as “the female god of wealth”.
The Crown Prosecution Service (CPS) is working to ensure the fraudsters do not get hold of the stolen funds, the Met said.
The CPS said last year that many of the victims had some of their money returned to them by a compensation scheme established in China.
Qian is being held in custody ahead of sentencing. The date of her sentencing has yet to be fixed.
The BBC has contacted the Chinese embassy in the UK for comment.
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