Small BusinessSebi confirms order barring 75 cos in Pyramid Saimira case
Market regulator the Securities and Exchange Board of India (Sebi) today confirmed its earlier order barring proprietors and directors of 75 companies from trading in stock markets for allegedly helping Pyramid Saimira Theatre Promoter Nirmal Kotecha carry out suspicious banking transactions.
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The case relates to forging a letter from Sebi with an intention of manipulating share prices.
Companies whose proprietors and directors have been barred include Adino Trading Company, Milan Gems, Yashraj Enterprise, Om Corporation and Rajkamal Steel.
Sebi confirmed its exparte order given in April last year as these barred persons did not file any objections to the earlier order.
"As the aforesaid entities have not filed any objections or responded to the order dated April 23, 2009, I do not have any hesitation in confirming the directions passed against the aforesaid entities/persons," Sebi said in its recent order.
"They were prima facie found to have played a key role in facilitating Nirmal Kotecha in carrying out suspicious banking transactions, carrying out and disguising his manipulative intent and gaining advantage from forgery," it added.