Madras HC sets deadline for Pyramid Saimira creditors to provide proof of debt

Our Bureau Mumbai | Updated on April 09, 2012 Published on April 09, 2012

The Madras High Court liquidator has set May 14 as the deadline for Pyramid Saimira’s creditors to provide proof of debt/claims.

The creditors have to submit an affidavit to the liquidator to prove their debt/ claims against the company.

The liquidator will receive requests in the prescribed form until that date, said a statement from the liquidator’s office.

The liquidator has also directed creditors (who have sent proof) to attend investigations of such debts or claims, if required.

The Madras High Court had handed over liquidation of the company to an official liquidator in September 2010.

In December 2010, SEBI barred Pyramid Saimira’s promoter, Mr P.S. Saminathan, from accessing the securities market for 10 years.

SEBI had directed Mr Saminathan to make a public offer for de-listing based on the valuation made by an exchange enabled valuer.

SEBI had also directed BSE to compulsorily de-list the company after enabling valuation of its shares.

The regulator had also banned Ms Uma Saminathan (Mr Saminathan’s wife) from dealing in the securities market for five years.

SEBI found Pyramid Saimira guilty of inflating profits and revenues by making fictitious entries, false corporate announcements and making a preferential issue of share warrants to promoters without receiving any money in return.

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Published on April 09, 2012
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