Kotecha can sell Usher shares: SAT

New Delhi The Securities Appellate Tribunal (SAT) has allowed Nirmal Kotecha to sell the shares of a firm towards payment of the disgorgement amount as ordered by in the nearly decade-old Pyramid Saimira Theatre matter. The proceeds from sale of the shares of Usher Agro will be deposited in an escrow account with the Sebi, the SAT said in an order dated August 1. Earlier in March, the regulator had imposed a 14-year ban from the securities market on Kotecha as well as penalty worth over 32 lakh with respect to fraudulent trades in Pyramid Saimira Theatre shares that happened almost ten years ago.-PTI

The ban on Kotecha is effective since April 23, 2009. "It is not in dispute that this Appellate Tribunal had passed a number of orders allowing parties who were restrained from the securities market to sell the shares that they were holding and keep the proceeds in escrow accounts with Sebi," the SAT said.