Sebi rejects Viral Doshi plea in Pyramid case

Market regulator Sebi has refused to reconsider its decision barring Viral Doshi, who has been alleged to have played a key role in the forgery and share price manipulation of Pyramid Saimira, from dealing in the securities market.

In April, Sebi had barred Viral Doshi, Pyramid Saimira Theatre's major shareholder, and her husband, Nirmal Kotecha, alongwith the company's chairman and managing director, P S Saminathan, from trading in securities.

It was alleged that they had forged a Sebi letter which claimed that the regulator had allowed them to make an open offer for raising stake in the company.

"I do not find this a fit case to revoke the ad interim directions till the completion of investigation. I am convinced that the interim order against Viral Doshi needs to continue," Sebi said in a statement today, turning down her plea.

Sebi further said that her role or involvement in the whole manipulation would be reviewed after the investigation is over.

On April 23 this year, Sebi had said that Doshi was prima facie found to have played a key role in facilitating Nirmal Kotecha "in carrying out suspicious banking transactions, carrying out and disguising his manipulative intent and gaining advantage from the forgery".