SOURCE OF INFORMATION : SECURITIES AND EXCHANGE BOARD OF INDIA WEBSITE � PRESS RELEASES/ CHAIRMAN�S AND MEMBER�S ORDERS / AO ORDERS/ SAT ORDERS/ NEWSPAPER ADS
UPDATED TILL : 03-JUL-2025

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

PERSONS: ADOPTED IMPROPER ACCOUNTING PRACTICES

S.No.

PERSON

ENTITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

AMIT TARACHAND SHAH

(PAN:ACRPS5394L)

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KAVIT INDUSTRIES LTD.

CIN:L23100GJ1990PLC014692
PAN:AAACJ4907C

INDULGED IN MANIPULATION IN ANNUAL REPORTS AND BOOKS OF ACCOUNTS VIOLATING SECTION 21 OF SCRA READ WITH REGULATIONS 4(1)(A) TO (C) & (G), 4(2)(F)(I)(2), 4(2)(F)(II)(6) & (7) AND 4(2)(F)(III)(1),(3),(6) & (12) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF KAVIT INDUSTRIES LTD.

MISUSED COMPANY�S FUND INCLUDING THROUGH GRANT OF LOANS IN MATTER OF KAVIT INDUSTRIES LTD.

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 28-SEP-2018 TO 27-SEP-2021

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 28-SEP-2018 TO 27-SEP-2021

RESTRAINED FROM HOLDING OR OCCUPYING POSITION AS DIRECTOR OR KEY MANAGERIAL PERSONNEL IN ANY LISTED COMPANY FROM 28-SEP-2018 TO 27-SEP-2021

28-SEP-2018

ARVIND KUMAR BABHUTMALJI SHAH

(PAN:AAVPS8498K)

ARVIND REMEDIES LTD.

PAN:AACCA7407Q

POSTED INFLATED FIGURES OF SALES AND PURCHASES OF GOODS

ADOPTED DUBIOUS AND INCONSISTENT PRACTICES IN DRAWING UP ACCOUNTS

EMPLOYED DEVICES TO DEFRAUD THE INVESTORS

WRONGFULLY EARNED RS.8.11 CRORES AS COMMISSION ON NON-EXISTENT SALES

PUBLISHED FALSE & MANIPULATED FINANCIAL STATEMENTS VIOLATING SECTIONS 12A(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATIONS 3(B) TO 3(D), 4(1), 4(2)(F), 4(2)(K) AND 4(2)(R) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF ARVIND REMEDIES LTD.

AIDED AND ABETTED PROMOTERS AND PROMOTER CONNECTED ENTITIES IN OFF-LOADING OF SHARES IN FRAUDULENT MANNER VIOLATING SECTIONS 12A(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATIONS 3(B) TO 3(D) AND 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF ARVIND REMEDIES LTD.

DID NOT ADHERE TO THE DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY SEBI VIDE IT�S EARLIER ORDER

DID NOT MAKE DISCLOSUREOF CREATION AND INVOCATIONOF PLEDGE OF SHARES TO COMPANY AND STOCK EXCHANGES AS REQUIRED UNDER REGULATIONS 31(1) AND 31(2) READ WITH 31(3) OF SAST REGULATIONS, 2011 IN MATTER OF ARVIND REMEDIES LTD.

DID NOT MAKE DISCLOSURE OF SHAREHOLDING/CHANGES IN SHAREHOLDING TO STOCK EXCHANGES AS REQUIRED UNDER REGULATIONS 29(2) READ WITH 29(3) OF SAST REGULATIONS, 2011 IN MATTER OF IN MATTER OF ARVIND REMEDIES LTD.

TRADED WHILE IN POSSESSION OF UNPUBLISHED PRICE SENSITIVE INFORMATION VIOLATING SECTIONS 12A(D) TO 12A(E) OF SEBI ACT, 1992 AND REGULATIONS 3(I) AND 4 OF SEBI (PIT) REGULATIONS, 1992 READ WITH REGULATION 12 OF SEBI (PIT) REGULATIONS, 2015 IN MATTER OF ARVIND REMEDIES LTD.

DID NOT MAKE DISCLOSURE OF SHAREHOLDING/CHANGES IN SHAREHOLDING TO STOCK EXCHANGES AS REQUIRED UNDER REGULATIONS 13(4A) READ WITH 13(5) OF SEBI (PIT) REGULATIONS, 1992 READ WITH REGULATION 12 OF SEBI (PIT) REGULATIONS, 2015 IN MATTER OF ARVIND REMEDIES LTD.

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 16-FEB-2017 TO 15-FEB-2025

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 16-FEB-2017 TO 15-FEB-2025

PERMITTED BSE AND NSE TO ALLOW SQUARE OFF EXISTING OPEN POSITIONS IN FUTURES & OPTIONS SEGMENT, IF ANY, IMMEDIATELY AND DIRECTED CONCERNED STOCK EXCHANGES TO ENSURE THAT NO FRESH POSITIONS ARE CREATED

RESTRAINED FROM HOLDING ANY MANAGERIAL POSITION IN ANY LISTED COMPANY FROM 16-FEB-2017 TO 15-FEB-2025

DIRECTED TO PROVIDE FULL INVENTORY OF ASSETS OWNED BY COMPANY

DIRECTED TO DISGORGE RS.39,09,89,120

DIRECTED BANKS THAT NO DEBIT SHALL BE MADE WITHOUT PERMISSION OF SEBI EXCEPT FOR THE PURPOSE OF TRANSFER OF FUNDS TO ESCROW ACCOUNT

DIRECTED DEPOSITORIES THAT NO DEBIT SHALL BE MADE WITHOUT PERMISSION OF SEBI

DIRECTED NOT TO DISPOSE OF OR ALIENATE ANY OF ITS ASSETS/PROPERTIES/SECURITIES TILL SUCH TIME THE AMOUNT OF RS.8.11 CRORES CREDITED TO ESCROW ACCOUNT

DIRECTED TO FREEZE EXISTING HOLDING OF SECURITIES, INCLUDING UNITS OF MUTUAL FUNDS

RESTRAINED AND FURTHER PROHIBITED FROM HOLDING AND OCCUPYING ANY MANAGERIAL POST OR BEING ASSOCIATED DIRECTLY OR INDIRECTLY WITH ANY LISTED PUBLIC COMPANY AND/OR ANY PUBLIC COMPANY WHICH INTENDS TO RAISE MONEY FROM PUBLIC OR ANY INTERMEDIARY REGISTERED WITH SEBI FROM 16-FEB-2017 TO 15-FEB-2025

DIRECTED TO REMIT DISGORGED AMOUNT TO INVESTOR PROTECTION & EDUCATION FUND (IPEF)

DIRECTED NOT TO DISPOSE OF OR ALIENATE ANY ASSETS, MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE IN ANY OF SUCH ASSETS WITHOUT PRIOR PERMISSION OF SEBI

DIRECTED TO PROVIDE FULL INVENTORY OF ASSETS, MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE IN ANY OF SUCH ASSETS, INCLUDING DETAILS OF ALL BANKS & DEMAT ACCOUNTS AND/OR MUTUAL FUNDS INVESTMENTS

16-FEB-2017

SEBI VIDE ITS ORFER DATED 24/08/2022 DIRECTED TO A) RESTRAINED FROM ACCESSING THE SECURITIES MARKET, AND FURTHER PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN SECURITIES DIRECTLY OR INDIRECTLY, AND ASSOCIATING WITH SECURITIES MARKET IN ANY MANNER FOR A PERIOD OF EIGHT YEARS B) DURING PERIOD OF RESTRAINT, EXISTING HOLDING OF SECURITIES INCLUDING UNITS OF MUTUAL FUNDS TO REMAIN FROZEN C) RESTRAINED FROM HOLDING ANY POSITION OF DIRECTOR OR KEY MANAGERIAL PERSONNEL IN ANY LISTED COMPANY OR ANY INTERMEDIARY REGISTERED WITH SEBI, OR ASSOCIATING THEMSELVES WITH ANY LISTED PUBLIC COMPANY OR A PUBLIC COMPANY WHICH INTENDS TO RAISE MONEY FROM THE PUBLIC OR ANY INTERMEDIARY REGISTERED WITH SEBI FOR A PERIOD OF EIGHT YEARS D) DIRECTED TO DISGORGE THE AMOUNT OF WRONGFUL GAINS RS.39,09,89,120.00 ALONG WITH INTEREST @8% P.A. FROM JUNE, 2016 TILL THE DATE OF ACTUAL PAYMENT. IN ADDITION TO DISGORGE THE AMOUNT OF INR 4.7 CRORE FOR WRONGFULLY EARNED MANAGERIAL COMMISSION ON MANIPULATED SALES OF ARVIND REMEDIES LTD., ALONG WITH INTEREST @ 8% P.A. FROM 16/02/2017 TILL THE DATE OF ACTUAL PAYMENT E) DISGORGEMENT AMOUNTS ALONG WITH INTEREST SHALL BE PAID THROUGH BY WAY OF DEMAND DRAFT IN FAVOUR OF �SEBI�INVESTOR PROTECTION AND EDUCATION FUND� F) NOT TO DISPOSE OF OR ALIENATE ANY ASSETS, WHETHER MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE IN ANY OF SUCH ASSETS INCLUDING MONEY LYING IN BANK ACCOUNTS EXCEPT WITH PRIOR PERMISSION OF SEBI. FOR PURPOSE OF REFUND G) NO DEBITS ARE MADE IN THE BANK ACCOUNTS HELD JOINTLY OR SEVERALLY H) PROVIDE UPDATED LIST OF INVENTORY OF ALL ASSETS WHETHER MOVABLE OR IMMOVABLE OR ANY INTEREST OR INVESTMENT OR CHARGE IN ANY OF SUCH ASSETS INCLUDING DETAILS OF BANK ACCOUNTS, DEMAT ACCOUNTS AND MUTUAL FUND INVESTMENTS AS ON THE DATE OF THIS ORDER

BEENA MEHTA

MEGA CORP.LTD.

PAN:AACCM9506E
CIN:L01120DL1985PLC092375

MADE FALSE REPRESENTATION THROUGH CORPORATE ANNOUNCEMENTS TO MISLEAD/INDUCE INVESTORS

MISREPRESENTED PROFITS IN ANNUAL ACCOUNTS

ACTED IN CONCERT WITH INTER CONNECTED ENTITIES/BROKERS/CLIENTS TO CREATE FALSE MARKET AND PRICE RISE THROUGH CIRCULAR TRADING IN SCRIP OF MEGA CORP.LTD.

DIRECTED DEPOSITORIES NOT TO GIVE EFFECT TO ANY TRANSFER OF SHARES OF PROMOTERS/PERSONS ACTING IN CONCERT/DIRECTORS/CLIENTS IN DEFAULT FROM 24-OCT-2005 TILL FURTHER ORDERS

DIRECTED NOT TO ISSUE ANY EQUITY SHARES OR ANY INSTRUMENT CONVERTIBLE INTO EQUITY SHARES OR ALTER ITS CAPITAL STRUCTURE IN ANY MANNER FROM 24-OCT-2005 TILL FURTHER ORDERS

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 24-OCT-2005 TILL FURTHER ORDERS

24-OCT-2005

CONFIRMED INTERIM ORDER DATED 24/10/2005

DISPOSED OFF, AS PROMOTERS OF THE COMPANY WERE NOT INVOLVED IN THE DAY TO DAY OPERATIONS OF THE COMPANY

BHAVANA R.BBAROT

ATLANTA LTD.

INDULGED IN CREATION OF ARTIFICIAL MARKET IN SCRIP OF ATLANTA LTD.

DID NOT MAKE DISCLOSURE OF ACQUISITION OF 7.5% HOLDING OF ATLANTA LTD.

MADE MISLEADING STATEMENTS/ANNOUNCEMENTS WITH AN INTENSION TO DECEIVE INVESTORS

EMPLOYED DIFFERENT REVENUE RECOGNITION METHOD OF DIFFERENT PROJECTS IN ORDER TO SHOW HIGHER REVENUE

DECEIVED SHAREHOLDERS IN ORDER TO HIKE OWN SHAREHOLDING IN COMPANY AT A LOW PRICE COMPARED WITH MARKET PRICE WITHOUT MAKING PAYMENT FROM THEIR OWN FUNDS IN PREFERENTIAL ISSUE

MISAPPROPRIATED FUNDS RECEIVED FROM IPO

MISUSED EMPLOYEE�S QUOTA UNDER IPO

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 22-FEB-2007 TILL FURTHER ORDERS

DIRECTED STOCK EXCHANGES NOT TO APPROVE LISTING OF CONVERTIBLE WARRANTS AND SHARES ISSUED ON CONVERSION

DIRECTED DEPOSITORIES NOT TO DEMATERIALIZE CONVERTIBLE WARRANTS AND SHARES ISSUED UPON CONVERSION AND NOT TO GIVE EFFECT TO STOCK SPLIT FROM 22-FEB-2007 TILL FURTHER ORDERS

DIRECTED DEPOSITORIES NOT TO GIVE EFFECT TO ANY TRANSFER OF SHARES

22-FEB-2007

AD-INTERIM ORDER DATED 22/02/2007 AMENDED TO THE EXTENT THAT CREDIT OF SHARES MAY BE EFFECTED, EXCHANGES AND DEPOSITORIES DIRECTED TO NOTE AND GIVE EFFECT TO THE SAME

SAT: DIRECTED APPLICANT TO APPROACH SEBI TO ALLOW THEM TO FILE THEIR OBJECTION, AS THEY CAN NOT AFFORD A PERSONAL HEARING

BHAVESH DESAI

(PAN:AJMPD8376M)

KAVIT INDUSTRIES LTD.

CIN:L23100GJ1990PLC014692
PAN:AAACJ4907C

SAT: SAT VIDE ITS ORDER DATED 21/12/2021 DISMISSED THE APPEAL AS INFRUCTUOUS AND DIRECTED TO FREEZE DEMAT ACCOUNTS OF THE APPELLANT

CHIRAG THAKKAR

(PAN:ADVPT4431A)

KAVIT INDUSTRIES LTD.

CIN:L23100GJ1990PLC014692
PAN:AAACJ4907C

SAT: SAT VIDE ITS ORDER DATED 21/12/2021 DISMISSED THE APPEAL AS INFRUCTUOUS AND DIRECTED TO FREEZE DEMAT ACCOUNTS OF THE APPELLANT

DILIP KULKARNI

IFSL LTD.

PAN:AAACI4383H

MADE FALSE REPRESENTATION THROUGH CORPORATE ANNOUNCEMENTS TO MISLEAD/INDUCE INVESTORS

MISREPRESENTED PROFITS BY TAKING INTO ACCOUNT SALE OF UNQUOTED SHARES

DID NOT MAKE DISCLOSURE OF SHAREHOLDING, CONTROL AND SALE OF SHARES OF PROMOTERS/PERSONS ACTING IN CONCERT

ACTED IN CONCERT TO CREATE FALSE MARKET TO SELL THEIR OWN HOLDINGS AT AN ARTIFICIALLY INFLATED PRICE

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 28-SEP-2005 TILL FURTHER ORDERS

DIRECTED NOT TO ISSUE ANY EQUITY SHARES OR ANY INSTRUMENT CONVERTIBLE INTO EQUITY SHARES OR ALTER ITS CAPITAL STRUCTURE IN ANY MANNER FROM 28-SEP-2005 TILL FURTHER ORDERS

28-SEP-2005

CONFIRMED INTERIM ORDER DATED 28/09/2005

DILIP NABERA

ATLANTA LTD.

H.M.LALANI

MEGA CORP.LTD.

PAN:AACCM9506E
CIN:L01120DL1985PLC092375

CONFIRMED INTERIM ORDER DATED 24/10/2005

DISPOSED OFF, AS PROMOTERS OF THE COMPANY WERE NOT INVOLVED IN THE DAY TO DAY OPERATIONS OF THE COMPANY

HIMANSHU RAMNIKLAL MEHTA

MEGA CORP.LTD.

PAN:AACCM9506E
CIN:L01120DL1985PLC092375

CONFIRMED INTERIM ORDER DATED 24/10/2005

RESTRAINED FROM BUYING, SELLING OR OTHERWISE DEALING IN SECURITIES IN ANY MANNER FOR A PERIOD OF ONE YEAR I.E.28/02/2008 TO 27/02/2009

HITEN MEHTA

MEGA CORP.LTD.

PAN:AACCM9506E
CIN:L01120DL1985PLC092375

CONFIRMED INTERIM ORDER DATED 24/10/2005

DISPOSED OFF, AS PROMOTERS OF THE COMPANY WERE NOT INVOLVED IN THE DAY TO DAY OPERATIONS OF THE COMPANY

JAY THAKURAL

ATLANTA LTD.

ATLANTA THAKURAL CONSTRUCTIONS

INTERIM ORDER DATED 22/02/2007 DISPOSED OFF, AS APPLICANT AGREED TO PAY RS.4,88,156 AGAINST SETTLEMENT CHARGES AS PER CONSENT ORDER DATED 22/09/2008.

JAYESHBHAI RAICHANDBHAI THAKKAR

(PAN:AAYPT7057L)

KAVIT INDUSTRIES LTD.

CIN:L23100GJ1990PLC014692
PAN:AAACJ4907C

SAT: SAT VIDE ITS ORDER DATED 21/12/2021 DISMISSED THE APPEAL AS INFRUCTUOUS AND DIRECTED TO FREEZE DEMAT ACCOUNTS OF THE APPELLANT

JIGAR MOTTA

(PAN:ADOPM0296M)

KAVIT INDUSTRIES LTD.

CIN:L23100GJ1990PLC014692
PAN:AAACJ4907C

K.S.VENKATARAMAN

MEGA CORP.LTD.

PAN:AACCM9506E
CIN:L01120DL1985PLC092375

CONFIRMED INTERIM ORDER DATED 24/10/2005

DISPOSED OFF, AS PROMOTERS OF THE COMPANY WERE NOT INVOLVED IN THE DAY TO DAY OPERATIONS OF THE COMPANY

KALYANI RAJESHIRKE

(PAN:BMHPR8522A)

KAVIT INDUSTRIES LTD.

CIN:L23100GJ1990PLC014692
PAN:AAACJ4907C

SAT: SAT VIDE ITS ORDER DATED 21/12/2021 DISMISSED THE APPEAL AS INFRUCTUOUS AND DIRECTED TO FREEZE DEMAT ACCOUNTS OF THE APPELLANT

KIRAN SONI

(PAN:CDLPS9025D)

KAVIT INDUSTRIES LTD.

CIN:L23100GJ1990PLC014692
PAN:AAACJ4907C

KISHORE THAKKAR

RANSI SOFTWARES INDIA LTD.

IRREGULAR PREFERENTIAL ALLOTMENT IN SCRIP OF RANSI SOFTWARE INDIA LTD.

MADE SEVERAL CORPORATE ANNOUNCEMENTS AND LATER ON NOT FOLLOWED THE SAME

ISSUED BONUS SHARES WITHOUT PROPER PROFITS & RESERVES

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 06-FEB-2008 TO 05-FEB-2010

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 06-FEB-2008 TO 05-FEB-2010

06-FEB-2008

KISHORE THAKURAL

ATLANTA LTD.