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No letter from us to Pyramid Saimira: SEBI

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Co demands probe into ’forged’ letter.

Our Bureau

Mumbai, Dec. 23 The Securities and Exchange Board of India on Tuesday said that it has not issued an order or letter to Mr P.S. Saminathan, Chairman of Pyramid Saimira Theatre Ltd, on December 19, asking him to make an open offer for acquisition of 20 per cent shares in the company at a price of Rs 250 a share.

“It is hereby clarified that no order or letter has been issued by SEBI to Mr P.S. Saminathan on 19.12.2008. It appears that the said letter is being circulated with ulterior motives,” said a SEBI release, clarifying news reports relating to Pyramid Saimira Theatre Ltd.

Probe call

It was reported in the media that SEBI has issued an order dated December 19 directing the Chairman and Managing Director of Pyramid Saimira Theatre Ltd to make an open offer for acquisition of shares of the company at a price of not less than Rs 250.

“SEBI is separately investigating into the matter including the origin of the letter as well as the dealing in the scrip following the press report including alleged violation of SEBI (SAST) Regulations, 1997,” the SEBI release added.

Share of Pyramid Saimira dropped 19 per cent on the Bombay Stock Exchange in the last two days, to Rs 61.15, after the issue was reported.

Pyramid shares had soared close to 100 per cent between December 1 and December 19. The share closed at Rs 75.40 on Friday, December 19.

(This article was published in the Business Line print edition dated December 24, 2008)
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