BUSINESS

Ban on Pyramid Saimira promoters from trading

MUMBAI: Market regulator Securities and Exchange Board of India on Thursday barred Pyramid Saimira Theatre promoters Nirmal N. Kotecha and P. S. Saminathan from trading in securities for allegedly forging a SEBI letter allowing an open offer.

In an interim order, pending investigation and passing of final order also debarred 228 persons and entities from trading in the markets including IPO.

The order in the Pyramid Saimira case relates to media reports in December last year that SEBI had directed Mr. Saminathan to make an open offer for an additional 20 per cent stake at a price not less than Rs. 250. Later, SEBI clarified that no such order or letter has been issued by SEBI to Mr. Saminathan. — PTI

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