SEBI refutes issuing letter to Pyramid Saimira
The issue of Pyramid Saimira got murkier on Tuesday with the market regulator saying that it has not issued any letter to the company.
By ET Bureau |
MUMBAI: The issue of Pyramid Saimira got murkier on Tuesday with the market regulator saying that it has not issued any letter to the company.
This comes close on the heels of the company's announcement on the stock exchange that the chairman and managing director P S Saminathan "received an advisory from SEBI".
A SEBI spokesperson said that they will come out with a detailed press release later in the day. At 1.45 pm, the stock of Pyramid Saimira was down at its lower circuit at Rs 61.15. On Monday, it closed at Rs 67.90.
"We have not issued any such letter to Pyramid Saimira Theatre Ltd. Since there seems to be letter in circulation we are looking into it. SEBI shall issue a detailed Press Release later today," said the SEBI release.
Meanwhile, the market is abuzz with talks of a press conference being called by the company to clarify the issue. On Monday, there were reports that SEBI has ordered Mr Saminathan to announce an open offer at Rs 250 per share.
SEBI also questioned the proposed inter-se transfer between Mr Saminathan and promoter Nirmal Kotecha. Mr Kotecha, however, said that the "deal would go ahead as per agreement".
This comes close on the heels of the company's announcement on the stock exchange that the chairman and managing director P S Saminathan "received an advisory from SEBI".
A SEBI spokesperson said that they will come out with a detailed press release later in the day. At 1.45 pm, the stock of Pyramid Saimira was down at its lower circuit at Rs 61.15. On Monday, it closed at Rs 67.90.
"We have not issued any such letter to Pyramid Saimira Theatre Ltd. Since there seems to be letter in circulation we are looking into it. SEBI shall issue a detailed Press Release later today," said the SEBI release.
Meanwhile, the market is abuzz with talks of a press conference being called by the company to clarify the issue. On Monday, there were reports that SEBI has ordered Mr Saminathan to announce an open offer at Rs 250 per share.
SEBI also questioned the proposed inter-se transfer between Mr Saminathan and promoter Nirmal Kotecha. Mr Kotecha, however, said that the "deal would go ahead as per agreement".
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