Archive · 22 Dec 2025
Man Industries IT Search Concluded
Man Industries, a company that makes big steel pipes, had a visit from the Income Tax Department.
The visit is over now, and the company says everything is back to normal.
The company is also working with a big oil company, Aramco, to maybe build a factory in Saudi Arabia.
A few months ago, another group, SEBI, said the company did some things wrong with money and stopped them from doing certain things for two years.
The company's stock price went down a little bit on the day of the visit.
Income Tax Department concluded its search at Man Industries on December 22, 2023.
Man Industries fully cooperated with the officials during the proceedings.
The company's business operations continued uninterrupted during the search.
SEBI previously barred Man Industries and its executives from securities markets for two years over alleged fund diversion.
Man Industries signed an MoU with Aramco Asia India to explore a long-term supply arrangement and potential manufacturing in Saudi Arabia.
- Who
- Man Industries (India) Ltd
- What
- Income Tax Department concluded its search operations
- When
- December 22, 2023
- Where
- Mumbai, India
- Why
- Routine regulatory procedures, following previous SEBI actions
- Company
- Man Industries (India) Ltd
- Date of Search
- December 22, 2023
- Regulatory Body
- Income Tax Department
- Previous Regulatory Action
- SEBI ban on securities market access
- Stock Price
- ₹402.05 (1.48% lower than opening)
- Recent Agreement
- MoU with Aramco Asia India
- Agreement Duration
- 5 years
- Company Headquarters
- Mumbai, India