Pyramid Saimira MD held, released in Indiabulls loan case

The MD of entertainment firm Pyramid Saimira, P S Saminathan, was today arrested by Haryana Police on a loan default complaint filed by Indiabulls, but the company claimed he was let out shortly after.

"The misunderstanding has been sorted out and both the parties have agreed to an amicable settlement," Pyramid Saimira said in a statement.

According to Pyramid Saimira, the company had taken a loan of Rs 60 crore from Indiabulls, out of which more than Rs 40 crore had been repaid.

"There has been a misunderstanding on the terms of settlement between Indiabulls and Saimira Holdings and Services, a promoter company which has taken loans from Indiabulls for the purpose of working capital/investments in Pyramid Saimira Theatre," Pyramid Saimira Chairman N Narayanan said in the statement.

Indiabulls spokesperson could not be contacted on whether they had reached a settlement and had withdrawn the complaint against Managing Director Saminathan.

Pyramid Saimira has been courting trouble since last year for allegedly forging letters claiming market regulator Sebi's approval for an open offer, but this is unrelated to the Indiabulls complaint.

The Chennai-based company today claimed that it faces only short-term liquidity issues and due to certain other unfavourable environmental circumstances had to also publicity constraints.