 "Sebi rejects consent plea of former director of Pyramid Saimira")
A Sebi announcement shows that it is one of the five consent/compounding applications rejected by the regulator, including of Khandwala Securities Ltd, IQMS Softward Ltd, Genesis Developers & Holdings Ltd and Kailash S Choudhari and Others in the matter of Aksh Optifibre Ltd.
The applications were rejected as they were not found to be in consonance with the circular on May 25, 2012, which provides the framework for passing consent orders and for considering requests for composition of offences.
The decision on former director of Pyramid Saimira is on alleged violation of various regulations under the Sebi (Prohibition of Fraudilent and Unfair Trade Practices relating to Securities Market) Regulations, 2003. The pending proceeding in these cases will continue in accordance with law and the rejection of consent application shall not prejudice the pending proceedings in any manner, said the regulator.
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