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The stock market regulator has revoked the ban against Mr V.K. Pratheesh Kumar refraining him from buying or selling shares in the Pyramid Saimira case. The ban order was passed on April 23, 2009.
SEBI had prima facie found the person guilty of acting as an imposter — in place of Mr Kanhucharan Sahu — and misleading the media into believing the authenticity of the information disseminated.
On completion of its investigation, SEBI found that the imposter who misled the media was a childhood friend of Mr Nirmal Kotecha and not Mr Pratheesh Kumar. The mobile number in question was used between December 19 and December 23, 2008 to mislead the media when they called up to corroborate the authenticity of the information.
It was also established that the mobile number used by the imposter was not owned by Mr Pratheesh Kumar, though it was on his name.
The investigation also did not reveal any relationship or nexus between Mr Pratheesh Kumar and Mr Nirmal Kotecha's friend.
SEBI suspected that the KYC documents submitted by Mr Pratheesh Kumar for his personal mobile connection could have been misused to obtain the mobile number 9947219100 which was then used to mislead the media.
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