Mumbai, Sept. 30 -- The SEBI order, dated 29 September 2025, dealt with historical lapses between FY2015 and FY2021, mainly linked to the non-consolidation of subsidiary Merino Shelters Pvt Ltd and minor compliance issues. The company said it has been consolidating financials since FY23-24 and has maintained a clean compliance record for the last four years.

SEBI imposed a penalty of Rs 25 lakh and barred the company from trading in shares of other firms for two years. Man Industries said the restriction is immaterial, as such activities are not part of its business, and investors remain free to trade in its own shares.

Despite the regulatory setback, the company pointed to a strong business outlook with a record order book of Rs 4,700 ...