Market regulator, the Securities and Exchange Board of India, today said it has found Pyramid Saimira Theatre Ltd promoters P.S. Saminathan and Nirmal Kotecha are in violation of “Regulations 3 and 4 of Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003″. The order, signed by whole-time director K.M. Abraham, directed the two promoters to not trade in the securities market until further directions are issued. “The promoter Shri P.S. Saminathan has prime-facie made misleading public announcements, only to create public interest in the scrip of PSTL, for facilitating Shri Nirmal Kotecha in offloading his shares in PSTL at artificially inflated price in the market, is directed not to access or buy, sell or deal in the securities market, including in Initial Public Offerings, in any manner, either directly or indirectly, till further directions,” the order said.
The order came following an enquiry into an incident in December last year, when leading newspapers reported that Sebi has directed Pyramid Saimira to make an open offer, as one of the promoters has exceeded creeping acquisition limits. The Sebi letter later turned out to have been forged.
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