The Securities and Exchange Board of India (Sebi) has confirmed its interim order against Manilal Kotecha on the Pyramid Saimira Theatre Limited case. The confirmation comes in response to an objection filed by Kotecha against Sebi’s order.
On April 23, Sebi had directed Manilal Kotecha not to buy, sell or deal in the securities market including in initial public offerings directly or indirectly, till further directions. The regulator said that Manilal Kotecha was found to have played a key role in facilitating Nirmal Kotecha in carrying out suspicious banking transactions, carrying out and disguising his manipulative intent and gaining advantage from the forgery.
The order came after the regulator found that Manilal Kotecha and promoters of Pyramid Saimira Theatre, Nirmal N Kotecha and P S Saminathan, had allegedly forged a Sebi letter, which claimed that the regulator had allowed them to make an open offer for raising stake in the company. “I am convinced that the interim order against Manilal Kotecha needs to continue,” said K M Abraham, whole time director, Sebi, who is investigating the PSTL case.
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