Sebi bans Kavit Industries, directors for 3 years from capital mkts

Regulator Sebi has barred Kavit Industries and its directors from capital markets for three years for misuse of company funds and misrepresentation of the books of accounts.

Besides, the regulator has directed that a copy of the ruling should be forwarded to "the Ministry of Corporate Affairs (MCA) along with a copy of the forensic audit report for their information."

The company features in the list of 331 suspected shell companies released by the ministry.

Sebi had initiated action against Kavit after the MCA had directed the regulator to initiate necessary action under its regulations.

Sebi in an order said Kavit Industries, directors -- Jayesh Raichand Bhai Thakkar, Amit Tarachand Shah, Jigar Motta, Chirag Thakkar,Bhavesh Desai,Nikhil Bhut, Kalyani Rajeshirke and Kiran Soni-- "are restrained from accessing the securities markets" for 3 years.

Moroever, the regulator prohibited directors "from holding any position as director or key managerial person of any other listed company for