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.