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SAT adjourns hearing on Pyramid Saimira case

Press Trust of India  |  Mumbai 

The Securities Appellate Tribunal (SAT) today adjourned the hearing on the Pyramid Saimira Theatre (PSTL) petition, challenging a Sebi order that debarred it from trading in the markets for seven years, to March 30.

A two-member bench adjourned the hearing till March 30.

The Chennai-based entertainment chain operator was banned from accessing the capital markets by Securities and Exchange Board of India (Sebi) last November following irregularities in its 2006 IPO.

The market regulator had restrained PSTL from dealing in securities in any manner whatsoever or accessing the securities market directly or indirectly.

Sebi had found that during the IPO, PSTL allotted 98.5 per cent of shares reserved under the employee category to seven persons who were not its employees and sold the same and made collective profits of Rs 2.31 crore.

First Published: Tue, February 16 2010. 14:15 IST