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SEBI has restrained two Pyramid Saimira directors — Mr N. Narayanan (for two years), and Mr V. Natarajan (for three years) — from accessing the securities market with immediate effect.
SEBI found them wanting in discharging their duty as a director and observed that they failed to ensure proper systems and controls in financial reporting and monitor their efficacy.
SEBI added “such conduct on the part of the noticees is disgrace to the institutions of board of directors of a listed company. This cannot be viewed lightly and warrants regulatory intervention.”
Stock exchanges have been ordered to strictly enforce the order while the Ministry of Corporate Affairs has also been served the order for considering appropriate action.
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