The stay is conditional on the deposit of 50% of the penalty amount, the company said.
In its statement, Man Industries said “On October 10, 2025, SAT granted a stay on the entire Sebi order dated September 29, 2025, which was passed against the company and three other noticees.
” On September 29, SEBI barred Man Industries and its three senior executives from accessing the securities markets for two years and imposed a fine of ₹25 lakh on each of them for alleged financial misstatement.
Those penalised included Ramesh Mansukhani, Chairman of Man Industries; Nikhil Mansukhani, Executive Director; and Ashok Gupta, former Executive Director and current CFO.
In its order, SEBI had noted that the financial statements of Man Industries (India) Ltd (MIIL) for the financial years 2015-16 to 2020-21 were “deliberately misstated”.
Sebi had highlighted that MSPL, a wholly-owned subsidiary, was excluded from consolidation after FY 2014-15 without any explanation. This concealment, the order had stated, suppressed group-level losses and liabilities while artificially inflating Man Industries’ profits.
In another development, Man Industries said that Crisil Ratings has reaffirmed its credit ratings for the company in its October 10 notification. The long-term rating has been reaffirmed as Crisil A/ Stable, and the short-term rating as Crisil A1.
In its rationale, Crisil noted that although the SEBI order entails a forensic audit, penalty, and market access restriction, the expected business or financial impact is likely to be limited, considering the company’s strong liquidity position, robust operating metrics, and absence of imminent funding needs.