BUSINESS

Pyramid Saimira’s plea to BSE, NSE

Corporate Reporter

CHENNAI: Pyramid Saimira Theatre has called for an investigation by authorities concerned on the alleged hammering of its share price in stock exchanges.

The company has also called upon BSE and NSE not to do the pay out on the transactions done on Monday (December 22, 2008).

Reacting earlier to some media reports stating that Pyramid Saimira had received an order from SEBI to file prospectus for public announcement for an open offer to acquire 20 per cent of shareholding within 14 days at a price of Rs. 250 per share, company officials said that they were waiting for a clarification from SEBI in this connection.

Based on media reports, the company has alleged that its shares were hammered down on Monday in stock exchanges.

SEBI clarifies

However, SEBI has subsequently clarified on Tuesday that no order or letter has been issued by SEBI on December 19 to P. S. Saminathan, Chairman and Managing Director of Pyramid Saimira.

“It appears that the said letter is being circulated with ulterior motives," SEBI stated in its clarification.

SEBI is separately investigating into the matter including the origin of the letter.

SEBI is also separately inquiring into the dealing in the scrip following the press report including alleged violation of SEBI (SAST) Regulations, 1997.

Meanwhile the shares ended lower in Tuesday’s trading by 9.95 per cent at Rs. 61.15 on BSE and the NSE.

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