SAT asks Sebi to pass order on Doshi in Pyramid Saimira case

Securities Appellate Tribunal (SAT) has asked Sebi to pass final order within 45 days against an individual charged of facilitating Pyramid Saimira's former promoter Nirmal Kotecha in his fraudulent funding activities.
In 2009, Sebi had barred Viral Doshi from the securities market till further directions after finding her to have played a key role in the manipulative activities.
The matters relate to one of the biggest cases of insider trading and fraudulent trade wherein Kotecha had sold a huge number of shares of Pyramid Saimira Theatres in December 2008 after dissemination of false information in media based on a forged Sebi letter.

Doshi, was found to have prima facie played a key role in facilitating Kotecha in carrying out suspicious banking transactions and gaining advantage from the forgery.
Pursuant to the Sebi restrictions on Doshi from the capital markets, she had subsequentlty approached SAT against the regulator's ruling.
SAT in an order dated March 3 noted Sebi's submissions that personal hearing in the matter has already been concluded and that the market regulator "would pass final order thereon within a period of 45 days from today".

"It is made clear that if respondent (Sebi) fails to pass final order and communicate the same to appellant within 45 days from today, ex-parte ad interim order dated April 23, 2009 as also the confirmatory order dated July 31, 2009 shall stand vacated without further reference to this tribunal," SAT said in the order.

A forged Sebi letter asking promoter P S Saminathan to make an open offer was alleged to have been planned and executed by Kotecha himself and persons working with him.
Taking action in the case, the Sebi had passed interim orders against more than 200 entities, including Saminathan and Kotecha, in 2009, barring them from capital markets.