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The National Financial Reporting Authority (NFRA) has slapped a Rs 5 lakh fine and a five-year ban on an auditor for professional misconduct in the audit of MAN Industries for 2016-17. The regulator slapped a fine of Rs 5 lakh on Nilesh Chheda, who was the Engagement Partner (EP) for the statutory audit of MAN Industries (India) Ltd (MIIL) for FY17. It also barred Chheda for five years from undertaking any audit in respect of financial statements or internal audit and activities of any company or corporate. The order came after NFRA received a letter from Sebi regarding the financial irregularities committed by the company. Thereafter, the regulator initiated action to investigate into professional or other misconduct of the statutory auditor of MIIL. In its 30-page order passed on Wednesday, NFRA found the auditor, incorrectly 'Qualified' his opinion on consolidated financial statements, stating that they reflected a 'true and fair view' except for the non-consolidation of its ...
MAN Industries (India) Ltd on Monday said it has secured new orders worth Rs 380 crore. The current order book of the company has reached Rs 1,400 crore, MAN Industries (India) said in a statement. The current order book is to be executed within the next six months, it added. Shares of the company surged by more than 9 per cent to hit a 52-week high of Rs 256.80 on BSE following the announcement. Around 1.24 lakh shares were traded on the exchange. On NSE, the stock surged 9.51 per cent to hit a year high of Rs 257.30 as more than 14 lakh shares changed hands on the exchange. Shares of the company were trading 6.98 per cent higher at Rs 250.75 on BSE and 6.38 per cent higher at Rs 249.95 on NSE in the pre-close session. MAN Industries (India) Chairman R C Mansukhani said that these new order wins will further solidify the company's role as a significant contributor to the nation's growth and development. MAN Industries (India) is one of the largest players in LSAW (longitudinal .