SAT adjourns hearing on Pyramid Saimira case

SAT has adjourned the hearing on the Pyramid Saimira petition to 30th March

A two-member bench  of the Securities Appellate Tribunal (SAT) on Tuesday adjourned the hearing on the Pyramid Saimira Theatre Ltd (PSTL) petition, challenging an order of the Securities and Exchange Board of India (SEBI) that debarred it from trading in the markets for seven years, to 30th March.

The Chennai-based entertainment chain operator was banned from accessing the capital markets by SEBI last November following irregularities in its initial public offering (IPO) during 2006.

The market regulator had restrained PSTL from dealing in securities in any manner whatsoever or accessing the securities market directly or indirectly.

SEBI had found that during the IPO, PSTL allotted 98.5% of shares reserved under the employee category to seven persons who were not its employees and sold the same and made collective profits of Rs2.31 crore.
 

  • Like this story? Get our top stories by email.

    User 

    We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    28 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 4 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)