Pyramid Saimira case:Sebi bans Nirmal Kotecha from mkt for 1-yr
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Pyramid Saimira case:Sebi bans Nirmal Kotecha from mkt for 1-yr

Regulator Sebi has barred Pyramid Saimira Theatre Ltd (PSTL) director Nirmal Kotecha from the capital markets for one year and the firm s chief financial officer Shivgurunathan for three years for indulging in unfair trade practices. The regulator, in an order passed on Wednesday, said Shivgurunathan was vice president, finance and CFO of PSTL and Nirmal Kotecha was director of the company at the relevant time. Sebi had issued show cause notices in January 2010 to these two persons among others alleging that PSTL inflated its revenues and profits by fictitious entries in its accounts, disclosed the same in quarterly and annual accounts for the financial year 2007-08 and thereby misled the public in their investment decisions. According to Sebi, Kotecha, who was a major shareholder of the firm and had sufficient stake to direct the management, failed in his duty as a director. The firm s net sales quadrupled in FY08, net profit rose by 600 per cent during March 2007 to December 2008 ...

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