Mumbai, Oct. 13 -- Crisil Ratings stated that SEBI vide its order dated 29th September 2025 has completed the forensic audit of the financial statements of MIIL and has imposed a penalty of Rs 25 lakhs each on MIIL, Ramesh Mansukhani (promoter), Nikhil Mansukhani (promoter) and Ashok Gupta (ex-CFO). The order also bans MIIL and its promoters from accessing securities markets for 2 years.

The SEBI action primarily relates to non-consolidation of the financial statements of Merino Shelters (MSPL) for the year FY15-FY21 and partial disclosure of related party transactions.

Crisil Ratings has taken note of the order and expects impact on the business and financial risk profile of the company to be limited, given its healthy liquidity positi...