SEBI to auction Pyramid Saimira Founder's wife property

Saminathan was penalised and banned from markets for various violations

Market regulator Securities and Exchange Board of India (Sebi) today said that it will auction the property of Uma Saminathan for non-payment of dues.

Uma Saminathan is the wife of former promoter of Pyramid Saimira's former promoter P S Saminathan, who was banned from the markets, penalised and is facing various cases for various violations in the market.

Sebi today said that following the default by Saminathan to pay dues totalling Rs 1,27,50,000 his wife agreed to pay the amount and offered a residential property as the security.

As both the persons failed to pay the amount by the due date, Sebi attached the property and will e-auction it off on November 18, 2015.

The property is a residential apartment spread over in 2,804 sq.ft. at Hirandandani Palace.