Sebi to auction property related to Pyramid Saimira case

P S Saminathan, former promoter of the company, failed to pay Rs 1.27 crore and interest, alleges Sebi

The Securities and Exchange Board of India (Sebi) has today decided to auction the residential flat of Uma Saminathan, wife of P S Saminathan, former promoter of Pyramid Saimira as the latter failed to pay the dues amounting to Rs 1.27 crore along with interest, costs, expenses etc.

Sebi today issued a proclamation of sale notice, in which it said that an e-auction would be conducted on August 20, 2015, to sell the property in absence of any order of postponement or stoppage of sale.

Uma Saminathan had earlier undertaken to pay the entire dues to Sebi and offered the residential flat as security. The property, in Kanchipuram, near Chennai, was attched by Sebi in June, 2014.

The sale will be stopped if the arrears mentioned in the certificate earlier issued by Sebi along with the interest and costs are paid to Sebi, it added.

The market watchdog earlier took action against Saminathan for various violations including fraudulent trading activities and non-compliance of disclosure norms, according to earlier reports.