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SEBI has disposed of the show-cause notice issued to the independent director of Pyramid Saimira (PSTL), Mr N. Venkataraman, on Tuesday with immediate effect.
SEBI found from his oral submission that he was not an independent director during the relevant financial year (2007-08). He was also not a member of the audit committee at any time and hence could not have aided manipulation of accounts by fictitious entries.
PSTL reported an increase in agreements with theatres from 765 in March 2008 to 802 in June 2008 and this was not unusual to warrant any detailed due diligence to verify its veracity submitted Mr N. Venkataraman, and SEBI agreed with him.
The show-cause notice against him was disposed of as a result.
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