Sebi has summoned at least six alleged defaulters for a fresh hearing in the Pyramid Saimira Theatre case this month. Photo: Aniruddha Chowdhury/MintMumbai: ASecurities and Exchange Board of India (Sebi) investigation has found that former multiplex operator Pyramid Saimira Theatre Ltd (PSTL) founder Nirmal Kotecha and his childhood friend Dharmesh Shah used at least 15 fronts to manipulate the firm’s stock price to make unfair windfall gains. In the PSTL case, Sebi passed interim orders in 2009 barring Kotecha and 229 other entities from accessing the securities market. Saminathan to make an open offer to PSTL’s minority shareholders at a rate more than four times the prevailing market price. In the interim order, Sebi said the forgery was possibly done to manipulate the stock price of PSTL.

Source: Mint May 15, 2017 19:49 UTC