Sebi has taken action against these erring companies for not complying with the provisions of the listing agreement. These companies are not physically traceable at the addresses listed by them as their registered offices in their respective offer documents.

Sebi has clarified that directors against whom the 11B order has been issued till date are debarred from associating in every respect from capital market activities and not to deal in securities or access the capital market. Sebi has also banned these companies from raising funds from capital market and also directed that they should not associate themselves with any of the intermediaries in capital market for a period of five years.

The 29 directors against whom 11B order has been issued are Dhavala Jhaveri of Asshi Industries Limited, Parag Patel of Arrow securities Limited, J Vasantha and Vijay lakshmi Ahilen of Avr Securities Ltd, Harish Shah and Laxmicant Bhagubhai of Bahuma Polytex Ltd, Govindram Khetan and Mahesh Ramanlal Jani of Citizen Yarn Ltd, Brijesh Mundara and Umesh Shah of Lympha Laboratories Ltd,Babubhai Patel of Maha chemicals Ltd, Promod Purohit of Marine Cargo Company Ltd, Vandan Patel and Medha R Pathak of Medha Finance and Securities Ltd, HN Shah and Laxmicant B Parekh of Mrug Pharmaceuticals Ltd, N Anand, P Subramaniam and R Mohan Kumar of Navkkarai Spinners Ltd, Gokul B Patel of Perfect Weavers Ltd, Sudeshbhai Patel of Shree Surgovind Tradelink Ltd, Ushakant Bhatt, Lavjibhai Patel, Saurinbhai Shah of Shreeji Dye-Chem Ltd, Govindbhai Patel of Shri Mahalaxmi Agricultureal Development Ltd, Nilesh Desai of Subham Granites Ltd, Deepak J Khajenchai of Super Domestic Machine Ltd, Amul Gandhi and Madanlal Jalani of SushilPackaging Ltd.

Acting on the order of SEBI, the Ahmedabad Stock Exchange has also advised its members to check whether individuals are associated with them or their companies in any manner andreportto exchange.