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Sebi bans former Pyramid Saimira chairman from mkts
The Securities and Exchange Board of India (SEBI) has banned PS Saminathan, former chairman of Pyramid Saimira Theatre, from dealing in securities in any manner for 10 years, for allegedly inflating profit and revenues.
The Securities and Exchange Board of India (SEBI) has banned PS Saminathan, former chairman of Pyramid Saimira Theatre , from dealing in securities in any manner for 10 years, for allegedly inflating profit and revenues.
Saminathan has also been barred from being a director in any listed company for the same period, the Securities and Exchange Board of India (SEBI) said in a notice on its website on Thursday.
The regulator also directed Saminathan to make a public offer to Pyramid Saimira shareholders within three months.
Pyramid Saimira shares, which have fallen nearly 64% since the beginning of 2010, ended 1.94% up at Rs 6.31 in a weak Mumbai market on Thursday.
SEBI has also directed the Bombay Stock Exchange to compulsorily delist the firm if the public shareholding falls below the minimum public shareholding limit after the offer.
In its notice, SEBI said Pyramid Saimira had allegedly inflated its profits and revenues by fictitious entries in its accounts for 2007/08.
