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Pyramid Saimira banned from trading
MUMBAI: The Securities and Exchange Board of India (SEBI) on Tuesday banned Pyramid Saimira Theatre Ltd. (PSTL) from dealing in stock markets for seven years after it found that the company colluded with seven persons to corner the portion reserved for employees in its initial public offer in 2006.
However, the company, when contacted, said it would file an appeal against the SEBI order.
As per SEBI investigations, seven persons had cornered 98.5 per cent of 4.22 lakh shares in the “employee category” in collusion with the company during the initial public offer of Pyramid Saimira Theatre which hit the market in December 2006. — PTI
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