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Stock Market regulator SEBI restrained the three independent directors of Pyramid Saimira — Mr K.S. Kasiraman, Mr K. Natarahjan and Mr G. Ramakrishnan — from being an independent director or a member of audit committee of any listed company for a period of two years with immediate effect.
In an order passed on March 11, Mr M.S. Sahoo, Whole-time Member, SEBI, observed that these three had failed in their fiduciary duty expected of independent directors as members of the audit committee.
They facilitated the company to inflate its profits and revenues by fictitious entries in its quarterly and annual results of FY-08. Their inaction helped the company to create artificial price and volume in the Pyramid Saimira stock and mislead innocent investors, said the order.
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