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Stepping up its crackdown on suspected shell companies, market regulator Sebi has ordered the forensic audit of two listed firms -Kavit Industries and GV Films -even as it eased some trading curbs on their shares.
In case of GV Films, the regulator said the “balance sheet is disproportionate to the profit and loss of the company“ which warrants an independent audit of its asset and liability, even as “there appears to be no prima facie evidence of misuse of the books of the company".
Regarding Kavit Industries, Sebi said there is prima facie evidence of misrepresentations by the company and violation of listing norms, as also about the misuse of funds and books of accounts.
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