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Liquidator to take over Pyramid Saimira assets: Madras HC
The Madras high court on September 3 has passed an order that a provisional liquidator will take over the assets of Pyramid Saimira. This after a winding up petition was filed by Patni Financial Advisors, one of the many creditors to the Indian multinational entertainment company.
The Madras high court on September 3 has passed an order that a provisional liquidator will take over the assets of Pyramid Saimira . This after a winding up petition was filed by Patni Financial Advisors, one of the many creditors to the Indian multinational entertainment company.
CNBC-TV18's Swathi Narayanan reports that the court has also dismissed the scheme of arrangement proposed by the company. The scheme of arrangement is an alternate arrangement the company enters into with its creditors.
When contacted, one of the promoters of the company PS Saminathan said that he will not appeal to a higher court.
A backgrounder
Patni Financial Advisors had lent Rs 5 crore to Pyramid Saimira. And Pyramid Saimira defaulted on repayment. On March 29, 2010, Patni Financial's winding up petition was admitted by the Madras high court following with the court appointed an official liquidator.
Saminathan had subsequently promised to repay the creditor, thus the Madras high court had stayed the order and asked the liquidator to wait until further orders. However Saminathan again defaulted on repayment after which the fresh orders were passed on September 3, 2010.
