Market regulator Securities and Exchange Board of India (SEBI) has barred Pyramid Saimira promoter P. S. Saminathan from share trading and being a director in any listed company for 10 years after the company was found inflating its profits during 2007-08.
This is probably the first case of inflating profits and revenues that has come to fore after disgracing Satyam Computer accounting scam came to the fore in January 2009.
The magnitude of the wrong-doing in Pyramid Saimira Theatre Ltd (PSTL), however, may not be as big as in the Satyam case.
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