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| Sebi refuses objections in Pyramid Saimira case |
| BS Reporter / Mumbai Jan 28, 2010, 22:16 IST |
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After considering objections filed by nine individuals in the Pyramid Saimira Theatre case, market regulator the Securities and Exchange Board of India (Sebi) today confirmed its earlier order barring them from stock market trading. Earlier this month, the market regulator had also confirmed its order of barring proprietors and directors of 75 companies from trading in stock market for allegedly helping Pyramid Saimira Theater Promoter Nirmal Kotecha carry out suspicious banking transactions.
The case relates to forging a letter from Sebi with an intention of manipulating share prices. Companies whose proprietors and directors have been barred include Adino Trading Company, Milan Gems, Yashraj Enterprise, Om Corporation and Rajkamal Steel. They had not objected to Sebi's order hence the regulator confirmed its earlier order that barred them from stock markets transactions including those of initial public offers.
Nine individuals, including Rakesh Sharma, Rajesh Unnikrishnan, Deepak Thakkar, Amol Kokane, Darshan Desai, Rajesh V Jani, Raju G Shah, Nitin Garodia and Nimesh H Chitalia had objected to Sebi's order. These objections have been now ruled out and earlier order has been withheld.
"When multiple entities are linked together in a well orchestrated scheme of manipulation as in the present case, it would give rise to an absurd situation if only one or two entities central to this plot are held responsible for the manipulation and the others are allowed to get away," the market regulator said in its latest order today.
"Prima facie, the specific role of these individuals had been sculpted by Nirmal Kotecha and he appears to have planned the entire sequence of events in order to achieve his desired objective," said the statement.
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