Pyramid Saimira hits lower circuit as SEBI bans promoters

MUMBAI: Shares of Pyramid Saimira took a beating Friday after market regulator SEBI cracked the whip on the company���s promoters from trading in securities till further orders for their alleged role in issuing a fictitious SEBI letter to manipulate share prices.

Besides the two promoters Nirmal N Kotecha and P S Saminathan, SEBI in an interim order in the case has also barred 228 persons and entities from dealing in shares, including initial public offerings, till further directions.

The order in the Pyramid Saimira case relates to media reports in December last year that SEBI had directed Saminathan to make an open offer for an additional 20 per cent stake at a price not less than Rs 250.

Following these reports, SEBI clarified that no such order or letter has been issued by SEBI to Saminathan.

At 1 pm, the company���s shares hit lower circuit and was trading at Rs 17.32, down 4.99 per cent on the BSE.