Pyramid Saimira Promoters Violated Securities Regulations: SEBI
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.
Why are you hiding the fact from readers that a journalist of Economic Times newspaper Rajesh Unnikrishnana has been barred from trading in the stock market for his involvement in this case.
Rajesh's names missing as hes a Southie..like Shruthijit KK :) All Mallus, (though I am not sure if both r Mallus but their names suggests so) are specially xxl pally
Additionally the role of the comm. agency seems to have been down-played or at least pushed well back into the shadows – AdFactors, ex-employee or not, where was the role of the agency as the mediator desuading Kotecha & crew, from embarking on this 'masterminded' route??
@Insider,
I don't think there's any intention to hide names since ET itself has taken its own's guy's name in its report:
http://economictimes.indiatimes.com/articleshow/4443292.cms
There is no point in our digging too deep as to the names but try and see that justice is done to all the small investors who did it with faith. Wil SEBI act quickly like in Satyam case to see that the culprits don't escape. Saminathan is a known crook and he has no ethics or moral. He has ruined the Company and from the beginning has misled and also fed wrong information. He may even coverup. Read the interview of the Director-Narayan on this episode and it will be very clear that they are all acting in tandeml He states that SEBI's order is welcome and that Nirmal Kotecha was only an investor? What a joke!! It was actually a Nirmal Kotecha Company as the largest share holder until he started dumping it!! So come on Mr.Narayan, you should not continue to misguide and mislead investors with false information that too after the order running into 54 pages. What rubbish are you talking by saying that you have documents? What documents? You still think SEBI officials are fools? Wake up, Don't try to think all are fools. Please hangup and come clean. Government should immediately arrest all the Promoters including this Director-Narayan and give them the treatment that they deserve. Then only these brats will scoff out.
Pyramid Saimira has done great injustice to the Industry and to all their stake holders, be it investors, vendors, employees or the trade. All the facts and figures are bloated and they have deliberately misled with sheer ulterior motives. In legal jurispidence one always looks at the `mensrea' or the intention behind every action. Here it is evident that Saminathan ganged up to cheat and from the word go, he has been planting stories, deceiving the public and also making false announcements one after another. So he is a big criminal. Hence he should not be pardoned. He has ruined several families and that too without any fault of theirs. He should be punished severerly so that nobody ever does such things again. But in a corrupt political system and the legal system being dilatory, it will definitely loose its essense if justice is not done soon and quickly. Shame on the promoters who have no self respect and esteem.