Pyramid Saimira MD arrested for cheque fraud

CNBC-TV18 reports that PS Saminathan, the Managing Director of Chennai-based media company Pyramid Saimira Theatres Limited , was arrested and let off on bail by the District Court of Tambaram in Chennai.

Also Read: PS Saminathan victim of circumstances: Pyramid Saimira

Here is a verbatim transcript of Divya Rajagopal's comments on CNBC-TV18. Also watch the accompanying video.

Pyramid Saimira's Managing Director PS Saminathan was arrested in the later part of the day and was released on bail by the district magistrate court of Tambaram. The case was filed by Indiabulls Financial Services Pvt Ltd in the Gurgaon Magistrate Court under Section 138 of the Negotiable Instruments Act, which basically relates to cheque frauds and bouncing of cheques. Thus, there were arrest warrants that the Gurgaon Magistrate Court had issued to both Saminathan and his wife.

The matter has to go back to the Gurgaon Magistrate Court where the courts will be hearing on this. We are waiting for a response from both Pyramid and Indiabulls on this, which we hopefully should get in the next few hours.