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Pyramid Saimira promoters barred from equities market
Mumbai, Chennai: Sebi on Thursday barred Pyramid Saimira Theatre promoters Nirmal N Kotecha and CMD PS Saminathan from trading in the equities market, accusing the latter of allegedly forging a letter from the markets regulator, the revelation of whose contents last December sent the company’s stock price soaring. The Sebi letter had purportedly asked the promoters to make an open offer to buy out minority shareholders.
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The interim order issued by Sebi also barred 228 others, including journalists and brokers, from trading on the markets, even primary issues. It said Saminathan had prima facie made misleading public announcements to create public interest in the Pyramid Saimira scrip to facilitate Kotecha off-loading shares at an “artificially inflated price”.