Man Industries says no material impact of SEBI order on company's current, future ops

New Delhi, Sep 30 (PTI) Man Industries on Tuesday said the SEBI bar on the company and its three senior executives from accessing the securities markets for two years carries no material impact on its 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," the firm, which is a leading global manufacturer and exporter of large diameter carbon steel pipes, said in a statement.

Capital market regulator SEBI had on Monday barred Man Industries (India) Ltd and its three senior executives - chairman Ramesh Mansukhani, executive director Nikhil Mansukhani, and CFO Ashok Gupta - from accessing the securities markets for two years and imposed a fine of Rs 25 lakh on each of them for alleged financial misstatement.

Man Industries said the penalty "will have no impact on company's financial position".

Also, there was no restriction on the trading of the company's shares by investors.

The company has been "restrained from trading in shares of other companies for two years. This has no implication, as such activity is not part of our ordinary course of business," the statement said. "While complying with the order, the company reserves its right to pursue all legal remedies available under law." Man said with a record order book of Rs 4,700 crore, the company is well-positioned to deliver sustainable growth.

Asset monetisation is yielding cash inflows. "MSPL asset sold, yielding a partial inflow of Rs 70 crore, with Rs 650-700 crore receivable over the next 5-6 years," it said. "All new capital expenditure projects are moving forward as planned and on schedule for completion by Q4 FY26." On governance, it said no compliance lapses have been recorded over the last four years, reflecting high corporate governance and internal controls.

"In summary, the SEBI order pertains to legacy matters and carries no material impact on the company's current or future operations," the statement said. "We reaffirm our solid fundamentals, commitment to corporate governance, and focus on long-term value creation for all stakeholders." PTI ANZ ANZ SHW