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."
Moroever, the regulator prohibited directors "from holding any position as director or key managerial person of any other listed company for a period of 3 years."
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