Securities and Exchange Board of India (SEBI) has imposed a joint penalty of Rs 25 lakh on MAN Industries, its chairman and four officials for alleged violations of norms related to Prohibition of Insider Trading (PIT). As per SEBI, the company had failed to disseminate price sensitive information to the stock exchanges on time. Price sensitive information means any information which relates directly or indirectly to a company and which if published is likely to materially affect the price of securities of company. Further, the company is challenging the SEBI order in SAT.
Man Industries (India), incorporated in 1988, is engaged in manufacturing of LSAW Line Pipes, Hsaw Line Pipes and Aluminium Extruded Products. The company has received various certifications such as API, ISO-9001, ISO-9002, ISO-14001, and ISO-18001 for its quality management.
