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Commodity Trends

Sugar

Sugar production in the upcoming season, staring 1st October, is projected to grow 27%...

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SC rejects Pyramid Saimira's plea to lift trading ban

The apex court dismissed the company’s plea for lifting the 7-year ban from accessing the market, which was imposed by SEBI last November following irregularities in the company's IPO in 2006

The Supreme Court (SC) today dismissed a petition by Madras-based entertainment company, Pyramid Saimira, challenging a seven-year trading ban imposed on it by market regulator Securities and Exchange Board of India (SEBI), reports PTI.

The bench, headed by chief justice S H Kapadia, dismissed the petition filed by the company, PS Theatre, requesting the court to lift the seven-year ban from accessing the market, which was imposed by SEBI last November following irregularities in the company's initial public offering (IPO) in 2006.

"We do not want such firms to continue... in the matter of fraud, we do not do anything," the bench said while declining the company's plea.

The company had challenged the order of the securities appellate tribunal, which had on 10 November, 2009, upheld the SEBI order.
 

(Read more about Pyramid Saimira... http://www.moneylife.in/article/8/4970.html , http://www.moneylife.in/article/8/4649.html and http://www.moneylife.in/article/3724.html)
 

User

COMMENTS

padmanabhan s

6 years ago

What about the small investors who had
invested in the PSTL and is there any
way out for those existing investors
from the promoters' clutches? Let ROC/SEBI/GOI do something to alleviate
sufferings whose investments were locked in the company and dwindling
day after day.

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